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INTERNATIONAL 



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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturd ay-Sun day, January 29-30, 1994 


No. 34,498 



Inflation Remains Under Control, Too 


liwt 1993 with, such a __ 

; even the poiititians W«d Friday that it can- 
i pQ 1 k su But Wall Street and Washing ton 
^agreed that, the fall off now -under way wflfnot 

- ffcdercm this year’s steady performance, which 
.g woccted to be the best Jn the .industrial 

* Special, temporary factors affected the 
.gftWth rate of 5.9 percent in the fourth quarter 
last year.^ best quarter for ax years.Tbe 
Xoromerce Oqartiiient.issning its preEmfcary 

- report on gross domes tic product for thethree- 


: senior economist at Goldman. Sachs & Co. 

WFW U Tribune The Kgsumrise in the* fomth^uartcr staris- 

ZrfSoi ?“ U.S.- economy <*>sed ; .•.*«* *** mrmflatkHi ratfrof only 22 percent, or 

ormance that 1 J percent on an annua! basis, depend i ng on 
' law h is measured. The figures werehdd down 
ty declining oil and computer prices: 

Tbe bond maiket looked at tne numbers and 
a ss um e d the Federal Reserve would leave inter- 
est, rates alone for now. Treasury bond yields 
declined Friday, and the stock market rose. 

"This is the best of ah worlds,” said Edward 
Yarifexu, an economist at the C.J. : Lawrence 
financial . firm. “Solid growth, fow inflation, and 





n 


; 4nonfh period, said two percentage points of the 
growth calne from a spurt in auto sales and 
•;rc±uiSting from the Midwest floods. • 

- Even so, nongovernment forecasts for the 
° 'fet-qaarter of 1994 duster around 3 percent 
~ :The feeling is that the wave of production from 
;; last quarter will slop diver and swamp the ea>- 


that’sgbod for both stock and bond markets.’ 

The cause of soda growth is a matter of 
debate; There is consternatioa among supply- 
ade economists' left over from the Reagan 
years, wbohave tried to aq>lam away a strong 
recovery despite increases in income taxes. - 

Fart of the answer, said AllenSinai of Leh- 
; man Brothers, is that. only, about 2.1 min in n 
high-income taxpayers will be hit by higher 
taxes^ and those in the top bracket tend to 
spend only about 60 percent of their income 

That beak downtoktfspendingof perhaps S 15 

bOKon, orabout one percentage point taken 
from the economy, most of it in the first half. 
Whh bnsiness investment booraitig. Mr. Sinai, 
said lie expected a pause in the rate cf growth, 
“bntnordapse.’* 

Bot the man question was thist Is the recov- 
er a cyclical one caused mainly by low interest 
rates, or is ft structural caused by the 
zadon and increased productivity of U.S. 
ness? The answer Probably sameof both. 

; Mr. McKeJveyof Goldman Sachs pm in a 
iMte of cychcaf prudence. He argued that the31 
percent increase in homing constmctibn arid, 
the 14.4 percent increase in output of durable 
mods —mainly automobiles, appliances, and 
fnmrtme^snnpfy ccnld not IasL 
■ Mickey Levy, dtief financial cccoanrist of 
NationsBank, -pointed to the phenomenal 


Xos Angeles earthquake and the Qmtao ad-, 
; nHmstrarion’sbagber income' taxes on ibeneh 
Tre^thySecretaryLki^BeriirenrindBud- 
: get Director Leon E Panetta forecast on Friday 
that growth would subside to aronxid 3-jpexccpi 
for 1994. Robot E Rubin, the White Home 
coordinator for economic poBcy, said; the 
. fourth-quarter figure wjis “Qea^ an ahcrra- 
tion** and Would not last , ~ 

; "Itbctternot,ocri»eyTIbe^j^giBKAeFedto 
nose interest rates,” said Edward 


< os’ dmable eq ui pm en t, much of it computers 
for more efficiency. Moreover, there was a 10.7 
- percent -increase in investment for business 
structures, winch means plant expansion arid 
T^imoapacity in a big way. 

*Wearein a high-profit economy with good 
' cash flow and improved international competi- 
-riveoessy” Mrf Levy said. 

Finally, ruing confidence underpins recov- 
ery.Tbc University cf Michigan's January re- 
port oo cousomer sentiment. issued Friday 
jumped foan fo 943. ... 



Hosokawa Salvages 
Reforms 




Critics Say He Gave In to Opposition 


* Erie Sup Li/Rcuter. 

Prime Minister MoriMro Hosokawa during a break in negotiations on the reform biHs ct 
Tokyo on Friday. He had staked Ms Job on getting the biHs through the parirament 


By David E. Sanger 

V« J’.vA Times Sen ice 

TOKYO — Prime Minister Morihiro Ho- 
sokawa saved his prime ministership and the 
reform movement he has come to symbolize 
early Saturday, announcing that he and his 
political opponents had readied a last-minute 
compromise on a broad realignment of Japan's 
electoral system. 

The agreement, reached after a frantic day 
and night of negotiations, culminates a six-year 
effon in Japan to pass a framework of ami- 
corruption measures. It will also force a radical 
redrawing of Japan's electoral map. moving 
more power to urban consumers and creating, 
for Lbe first tune, a system jo which only one 
representative is elected from each of 300 dis- 
tricts in the country. 

But the legislation was greatly watered down 
to win approval from the Liberal Democratic 
Party, which still holds tremendous power in 
the parliament, known as the Diet, despite its 
ouster last summer after four decades as the 
governing party. 

Critics of the agreement both inside and 
outside Mr. Hosokawa’s fragile coalition gov- 
ernment said that they feared the prime minis- 
ter gave away far too much, and may have 
undermined his own commitment to clean up a 
system that runs on rivers of cash. 

Mr. Hosokawa agreed to a series of steps on 
the redistricting that seem bound to favor the 
Libera] Democrats. He backed away from a 
ban on corporate donations to candidates — 
the source of many scandals here — and reluc- 
tantly agreed to a system that would limit 
politicians to receiving S4.S00 annually from 
any company. 

Mr. Hosafcawa's hope is that the passage of 
the bills, one of the most contentious issues in 
Japanese politics in decades, will now allow 
him to get on to a much broader agenda: 
deregulating the Japanese economy, taming the 
country's powerful bureaucracy, and improving 
the lives of Japan's long-suffering consumers 
and commuters. 

But the battle over the legislation has clearly 
weakened him. Voters made it clear that they 
were tired of the bickering over the electoral 
issues and wanted the government to concen- 
trate on overdue steps to pull the country out of 


an economic downturn that has shaken (he 
national psyche and begun to put white-collar 
workers out of jobs. 

Later Saturday the bills were to be rushed 
through a conference committee. Earlier (his 
week the same committee failed to bridge dif- 
ferences between the lower house of parlia- 
ment. which enacted a much tougher set of 
rules in November, and the upper house, which 
rejected the legislation last week and set off a 
political crisis. 

The bills will then immediately be voted on 
by the full membership of both bouses. Passage 
is expected just hours before the end of tne 
parliamentary session at midnight Saturday. 

But the process is being so rushed that some 
parts of the 10-point agreement between Mr. 
Hosokawa and hrs rival. Yohei Kono. the presi- 
dent of ihe Liberal Democrats, will have to be 
passed as amendments in the next session of 
parliament, which begins Monday. 

In the end Mr. Hosokawa and Mr. Kono 
reached agreement to avoid mutual destruction. 

The 56-year old prime minister, who has 
been immensely popular since he came into 
office in August, staked his prime ministership 
on the passage of political reform legislation. 
On Thursday, appealing for popular support 
Tor the bills, he said he might be forced to resign 
as head of the country's fragile, eight-party 
coalition government if his effort to get the 
reform bills through failed. 

But Mr. Kono faced an equally terrifying 
threat: The destruction of the Liberal Demo- 
crats. a party that has already been riven by 
disagreements and defections. 

If no agreement had been reached. Mr. Ho- 
sokawa and the crafty political operative who 
put together the coalition government last sum- 
mer. Ichiro Ozawa, said they were prepared to 
take the original, far stronger bills back to the 
lower house of parliament. 

By almost everyone’s count, they would have 
failed to gel the two-thirds majority' needed to 
override the rejection of the bills in the upper 
house. But along the way. they threatened to 
split ihe Liberal Democrats between an old- 
line. conservativ e group that opposed any re- 
form legislation and a younger segment that 
feared the co»requrnrcau>;‘ ’ cling against ii. 



6 


-i O .v l-Vw.'- 1 ' • ii A v 

sTl . Jtr-w -/ 


: ■ J5y- Richard M- Wemteaub . - ■ 

. r .' ; ■ ; VmUngum fmt .-Senior 
WASHINGTON — After months of con- 
skteration, Saudi 



; Thej 

Airbus Industrie 
ffirtiKwrit appears that’ 

Corp^ whose commerrial &vraocRi wing 
had few successes of late, may win a signifi- 
cant piece of an order. V, , 

r-; Only * few peoptedose to King Fahd of 
Saudi ; Arabia inow^ . fc* certain what wxB 
They art not talking and other Saudi 

^^(kooDdsfl ; 

The French domestic airiine Air Inter 
grounded its new Airbus A-330 jet on Friday 
b^cause the main landing gear laikd . several 
; : times , ny^ texract ^aftar tmreoff. Page 1. 

offidals rfsb have reanained alent. Spok^ 

n J lI.TVuu.J1 TVuiiJim aill 


tbey knew of no new devdopments. 

- Bul Prince Bandar ita Sutan, Saudi Ara- 
Wa kmgtnne ambassador to Washm^oq. 
recently tdd a top executive of afl Amenran 
acro^acr company that the commercial deal 
. would go ahead. . • 

Tfitdoes.it wfll be the cuhmnatron of more 
; than twb years of inloise rffons by scant ct 


the world's most sophisticated ctxnpames 
and top mvenanent official anxious to m- 
snre die jobs and tire prcs%: that go along 
with a nngor oommercial aircraft sale. 

Before anytteng is finalized, some stkky 
dctails abouL finanring may need to be re- 
soived, none of which seemed to have been 


.. But ance then* ■ die crarqjleaities of the 
Saudi deeinon-mtidng process* reactions to 
poMticalp i caa ni esandacdGhgisemoflprices 
_ appear to hove changed this part of the sales 
"equatiot ’■ 

Crude cfl that sold fear $18 a barrel this 
smnmer how is sefliqg fra 1 aboirt $15, eroding 
the Saudis’ cash flow and foreign currency 
reserves already hard-hit by expenses related 
to tins Gulf war. 

.Itis the same set of cacomsiances that has 

d<£veiy <rf e ^^ > m^ 1 nnlitary hardware to 
Saudi Arabia . ' • . 

The intense courting of the Saudi royal 
house, where the final decision on any air- 
craft purchases wiD be made* may in itself 
-have caused some delay, according to observ- 
ers. . 1 . - . 

A Barry of reports in American media m 


a pledge from King Fabd to "boy American” 
instead of. ranting to Airbus ariweri die 
' king, said an American with longtime con- 

See SAUDI, Page 4 ; 


Patriot Missiles Could Sink Talks , North Korea Warns 


Nr# York Times Service 

TOKYO — North Korea on Friday de- 
nounced the Clinton admhristralion’s plan to 
deploy Patriot anti-missile batteries as an “un- 
pardonable grave military challenged on the 
Korean Peninsula, and said it could disrupt the 
diplomatic negotiations over the North’s sus- 
pected nuclear development efforts. 

The declaration, which had been expected by 
American officials in Asia and Washington 
after news of the Pentagon's plan was disclosed 
earlier tins week, included a warning that the 


deployment would “increase the danger of 
war." 

But it was no more scathing than many other 
descriptions of U.S. strategy issued by North 
Korea’s Central News Agency, and officials 
here doubted that the North would use it as a 
pretext to break off talks. 

The Patriot batteries were requested by Gen- 
eral Gary Luck, commander of U.S. Forces in 
South Korea. 

Offidals say their deployment would be par- 
ticularly vjiaT if the United Nations imposed 
economic sanctions against the North for its 


intransigence on the question of allowing inter- 
oatiouaJ inspectors into its nuclear sites. 

Though the Pentagon describes the Patriot as 
a defensive system, its deployment is dearly 
intended to send a political message to the 
North. Friday's response made it clear that the 
North Korean leadership views it differently. 

“The real purpose of their massive shipment 
of Patriot missiles into South Korea," the state- 
ment said, was to disrupt diplomatic talks and 
“impose their unreasonable demand for nucle- 
ar inspection on the DPRK through pressure 


and threat" The initials stand for Democratic 
People's Republic of Korea. 

Calling the move “reckless.” the statement 
added: “If the United States and its followers 
think they can subdue (he DPRK with pressure 
and threat, it is a big mistake. Th3t method may 
lead the situation to a hopeless phase, far from 
resolving the problem." 

For three weeks, the North Korean govern- 
ment has been arguing with the International 
Atomic Energy Agency over what inspectors 

See PATRIOT. Page 4 


Bosnia Violence Escalates 

Briton and 3 Italian JNewsmen Killed 


•' - ' Co*&MtyOir Staff &&&**&* 


forecs battled for control of territory; 
-Nations officials said-Friday. 




smeSteed ni the cranrd Bosnian wra or 

Zaiiaf.by mw m military Bmfora^ dnvea a 

town and thenar 


, . ^ was 11 fo foreign-aid worker 

occtawd.as 

^ T ‘"^Vwew of thdbr crammiments ra the 


.• Nawss* fl|> 4 pricas 


ejf. — - - ; 

waon*--J9J * l ^ 

tenerooiClAOOCFIA ^ FF 

rm.^SBl=F CFA 

*T*0B.^r-3t9Dr. Tunisia 

Utm (£«•.> «-» 


: former Yugoslavia, and as tienaoii wntinned 
between the United States and France over 
policy toward the region. ' 

Foreign Secretary Douglas Hurd of Britain, 
who visited Bosnia sevral days ago and who wiD 
’* go to Wjftdring trm for talks Odl the crisis next 
week with the Clinton administration,' warned 
that Britain now needed to radge “how long we 
-con continue against the .bacigroand of ob- 
stmerioo, continued fighting and also against 
the background <rf winter.”; v - 

A UN official al» said the iUN High Com- 
missk«er for Refugees was considering wheth- 
a to suspend its aid operations in the area, as it 
did fora month after a Danish driver was shot 
and killed in October. 

British officials said the suspension con- 
cerned about'HX) drives and mechanics at the 
disposal of the UN High Comraisocmer for 
Refugees, and not British troops m- the UN 
Protection Force, 

The three ^ItaEan journalists kffled Friday 
were hit by a shdl in tiic south Bosnian town 
Mostar. The jonmalists, wha wmked for the 
Iialiaio, state television, woekified in the Mus- 
Hm-hdd part of .the town in heavy shelling by 
- jtofifriaa Ctoatiaaforces. 

They bad beta in-Mostar to film a docnxnen- 
tary for RAlUna JtAI ordered its other jom- 
judixis in theatre toTudl ait immediately. 

Eaibcr in the we^ civilian mobs looted two 



De Klerk Fights 
The Long Odds 
For Bkck Votes 

By Paul Taylor 

h tishir.gion Pen Service 

WITBANK, South Africa — President Fre- 
derik W. de Klerk's campaign caravan had been 
in the black squatter settlement for only a 
matter of moments on Friday morning when an 
angry crowd materialized. 

“It is our democratic right to chase him 
away.” said Johannes Mhlango. 21, a member 
of the vouth league of the African National 
Congress. “What makes him think he can sup- 
press us for centuries and then come in and try 
to buv our votes?" 

Bui the real wrath of the young demonstra- 
tors was aimed elsewhere. 

Tonight, they are going to die!" vowed one 
of his Mr. Mhlango’ s comrades, motioning to- 
ward three National Party supporters who 
shook hands with Ihe president outside their tin 
shack. Anotlwr said. “We are going to bum that 

See DE KLERK, Page 4 


Mr.de Kleik bearing out a yonigsttrdragavisft Friday in east 


Super Bowl’s 3-Time Losers Stand Taller 


By Thomas BosweU 

WcaJunglcm Pan Service 

ATLANTA Just a few years ago, Bruce 
Smith wore a floor-length fur and wraparound 
sin glasses to Super Bowl interviews. His sub- 
ject of the day was usually himself. 

Jim Kelly bragged abort his party life and 
prowess with women. Man Levy was paranoid 
and irritable. 

Thurman Thomas was defensive and inse- 
cure, desperate for praise and respect, yet un- 
sure bow to get h. One day mute, the next 
abrasive, he carried chips on his shoulders larg- 
er than his shoulder pads. 

The Buffalo BiDs — or at least many of their 
most symbolic men — were as perfect a collec- 
tion of stereotypically immature athletes as a 
Hollywood B movie could provide. To listen to 
them during Super Bowl week was to be embar- 
rassed for them. 


Now. the transformation is almost complete. 
As Frank Reich, a backup quarterback, says: 
“When you undergo high-pressure experiences, 
it changes you. And our Super Bowl defeats 
have sure changed us. As people, we're growing 
up.” 

Watching the Bills mature over the last four 
years has been a pleasure. Every tone they lose 

the Styer Bowl, they come back the next season 

Super Bowl TV Estings, Page 1& 

as nicer people. (If they get waxed on Sunday, 
we may be able to canonize them so on.) 

As for the Dallas Cowboys, if time were a 
mirror and the haughty Pokes looked into it, 
they would see the preening Bilb of a few years 
ago. At the moment, it seems inevitable that 
Jimmy Johnson and Jerry Jones will self-inflate 
until they explode: StiH. look ai bow defeat and 


humiliation have improved the Bills. Even 
Johnson, the Cowboys’ coach, and Jones, the 
chib's owner, might still be helped. 

We will never see a Super Bowl with more 
starklycontrasied teams than XXVIII on Sun- 
day. the Cowboys have been the National 
FootbaD League's standard for self-congratula- 
tion for decades. Does any team in any other 
sport call itself “America’s Team”? Now the 
Cowboys have a chance to be the first Dallas 
dub to win consecutive Super Bowls. 

As for (he Bills, how could they come to 
Atlanta with their bellies closer to the ground? 
The American Football Conference has lost 
nine straight Super Bowls. The Bills could be- 
come the first team in the history of UK pro 
athletics to lose (he ultimate game in their sport 
four straight years. And, of all their defeats, 
who beat them the worst of all, who really owns 
See FOOTBALL, Page 4 


Kiosk 


Zhirinovsky Ordered 

* 

To Leave Slovenia 

BLED, Slovenia (AP) — Slovenia asked 
the Russian ullranationalist Vladimir V. 
Zhirinovsky to leave for disturbing public 
order, the Foreign Ministry said Friday. He 
and his group reportedly damaged property 
in this resort during a drinking bout. 


Book Review 

Crossword 

Weather 



Pages. 
Page 5. 
Page 20. 


Trib Index 


UP 

& 19-13 

J 3.945.43 

The Dollar 

New Yom, 


8 


Down 
0.29% 

i 


f Am 



Fit dose 


DM 


1.742 


piwtousflose 


1.729 


Pound 


1.4905 


1.5085 


Yen 


109.80 


106.60 


FF 


5517 


5.8848 



-r • 


SS-'-: •- . -■* • 




.Ji 













Page 2 


INTERNATIONAL HERAT!) TRIBUNE, SATURDAY-SUNDAY. JANUARY 29*30, 1994 


State Dept, to Put Condition on Sinn Fein Chief s Entry 


By Steven Greenhouse 

iVw York Timer Service 

WASHINGTON — Despite entreaties 
from 40 members of Congress, the State 
Department plans to ted the leader of the - 
political arm of (he Irish Republican 
Army that it will grant him a visa only if 
be first renounces violence, according to 
administration officials. 

That stipulation would in effect deny 
entry to Gerry Adams, leader of Sins 
Fein, according to several senators who 


have urged President Bill Clinton to 
grant the visa. 

Mr. Adams, who has repeatedly been 
denied visas over the last 10 years, has 
been invited to speak Tuesday in New 
York at a foreign-polky conference on 
Northern Ireland. 

A senior administration official de- 
fended the decision. After avoiding con- 
tan with Mr. Adams for years, the U.S. 
government is in effect “reaching out” to 
hi ip . by instructing American diplomats 


in Dublin or Belfast to talk with him to 
determine his views on violence, the offi- 
cial said. 

“The move is designed to recognize 
that Adams has a role to play in securing 
peace,” the official said. “We’re trying to 
gel him to move in the right direction.'' 

Four senators, all Democrats — Dan- 
iel Patrick Mpynihan of New York, Ed- 
ward M. Kennedy and John F. Keny of 
Massachusetts, and Christopher J. Dodd 
of Connecticut — bad written the presi- 


dent to urge him to grant a visa to Mr- 
A dams. arguing that his participation in 
the conference would advance a dialogue 
toward peace in Northern Ireland. Their 
plea was by three dozen other 

members of Congress. 

In directing the U A Consulate in Bel- 
fast to talk with Mr. Adams, the adminis- 
tration will try to determine whether he 
s up ports the joint declaration that Prime 
Minister Albert Reynolds of Ireland and 
Prime Minister John Major or Britain 


signed in December as a framework to 
promote peace talks. 

■ British-Irish Talks Heki 
Britain and Ireland held talks on Fri- 
day cm a peace plan for Northern Ireland, 
Reuters reported from Dublin. Foreign 
Minister Dick Spring of Ireland and Sr 
Patrick Mayhew, Britain’s Northern Ire- 
land secretary, met in Dublin for their 
first talks since the Bridsb-Irish plan was 
unveiled Dec. 15. 


The Basque Separatists: Still Not Crushed , hut Near the End 


By Alan Riding 

Afar York Tima Service 

BILBAO, Spain — Faded posters and graffiti on the 
waib of this port city still call for the independence of 
the Basque country, while occasional assassi na tions 
and car bombings are a reminder that the separatist 
movement known as ETA has not yet been crushed. 

But after 25 years of violence that has taken more 
than m lives, hopes of peace are now srireing in this 
mountainous region of northern Spain, inspired as 
much by recent police successes against the guerrillas 
as by increasing public opposition to both ETA’s 
methods and objectives. 

“I can’t say ETA has been defeated militarily be- 
cause it can keep on killing for a long time,” said 
Ramon Jauregui. a leader of the Basque Socialist 
Party. “But it has been defeated politically. ETA 
cannot win. 1 think we're approaching the end, bat the 
end is very complicated." 

ETA — the initials stand for Basque Homeland and 
Freedom in the region’s language — has itself pro- 


posed peace talks, although adding political condi- 
tions unacceptable to the government, like inclusion 
of self-determinaiion for the Basque country among 
issues to be negotiated. 

The government, confident that the guerrillas are on 
the def ensi ve; has said it will not sit down with them 
until they have renounced violence, and then only to 
/jivn« an amnesty for jafled rebels and the posable 
incorporation of ETA into the political system. 

Measured by electoral support for ETA's political, 
front. Hern Batasuna, which won 18 percent of the 
votes in the latest regional elections, a majority of die 
2J million Basques do Dot want independence. “There 
was never a demand for independence before ETA” 
Mr. Jauregui said. “Historically, the movement was 
for local ngbts, but we’ve never been anything but 


Although ETA was shaken by the arrest of many 
leaders in 1992 and 1993. it has suffered most from the 
emergence of a broadly based anti-violence movement 
here, which not only has isolated the guerrillas politi- 


cally but has also given voice for the first time to a 
public opinion exhausted by violence. 

One sign of ETA’s concern at this movement is that 
in December 1992 Hem Batasuna spawned its own 
peace group, called Bkani, or Together m the Basque 
language. Claiming 2,100 members, it campaigns for 
discusaons between the government and ETA and has 
set a target of a peace agreement by me end of W4. 

Jenin Fera&ndez, EQtarri’s coordinator, said the 
group was now independent of Herri Batasuna, and he 
criticized violence by ETA. “We believe society itself 
can act as a mediator in the conflict,” be said. We 
fhtntr now is a good moment for dialogue. ETA is not 
finished, bat it accepts that a military victory is not 
posable.” 

Although formed in 1959, ETA did not take up 
arms until 1968, but its fighters were promptly toiled 
as heroes among anti-fascists at home and abroad, not 
they were fighting for Basque. in depen deuce, 
but because they dared confront the dictatorship. 

But ETA’s political appeal was weakened by its 


transformation from a nationalist movement into one 
run by Manost-Lenizusts. After the arrest of its top 
leaders in 1992, signs of disarray among its ranks have 
multiplied, with somejailcd ETA members now open- 
ly opposed to violence. 

“1 nave the impression that there isn’t a group inside 
ETA that is strong enough to lead the rest of the 
organization along any particular path,” said Josh 
Antonio Arrianza, the president of the Basque autono- 
mous government 

Carmdo t^ndu, who is tihe sole Hexri Batasuna 
mem ber of the European Parliament, said ETA want- 
ed to reach a political accord, but only one that 
“guaranteed our survival as a nation” tty recognizing 
its ri gh t to self-detenmnatimL “But wc haven’t seen an 
identical will on the part of the Spanish government,” 
he said. 

He nonetheless conceded that support for Herri 
Batasuna was weakening. “People aren’t dumb,” he 
said. “Why vote for an independence party when, 
independence is not possible?" 




WORLD B ggggg r 

Feres and Arafat to Meet in 
With 'a Lot of Work’ Still to 

JERUSALEM (NYT> — Cautioning that* » w . Palestinians, 
needed to break IsraeFs negotiation. BPpsssc Friday for - a 

LT 4 S s S& 2 £ ^ 

poabkbrStotaough. OfficMsaloac than 
were set to dear away the last major PatetirSnsdf -rote 
wefl beyond thrir Dec. 13 Strip 

starting an Israeli trotro withdrawal from the occnpico 

and the West Bank town of Jera*a ^ final 

■ 

ABenby Bridge, connecting theWesti Bank and Jcrfma^attte^^ 

SS 2 523 & 5 S»e*«k 

<^aim for buffer zones around Jewish settlements m Gaza. 

Madrid Shroas Off Labor Protest 

MADRID (AP)— The di^ Jltd a gaKral 
protm Wx* reforms patty 


\y 

« 



<T"' 


ad witn tne conwsra 

dialogue. But he added that any discossjon should 

had insisted that the success of the strike mad* f SSTTnSl^ 
government meet with titan immediately to 

man, at 23 percent, is tbe highest in the 12-fflembff Enropean Umoo. 

2 Ex-Italian Leaders Faring Trials 

ROME (Raztes) -Gkjvmmi 


Haiti Military Regime Facing 
Much Stiffer Trade Sanctions 


By John M. Goshko 
and Julia Preston 

Washington Post Service 

WASHINGTON — The United 
Slates has agreed to seek greatly 
expanded United Nations sanc- 
tions against Haiti that are most 
likely to include a near total embar- 
go on trade, a ban on noncommer- 
cial air flights to and from the is- 
land and measures to freeze the 
foreign assets of all Haitian mili- 
tary officers. 

American officials said a consen- 
sus on recommending these sanc- 
tions to the UN Security Council 
emerged Wednesday night during a 
meeting of the four countries that 
have agreed to take special respon- 
sibility for Haiti within the UN 
system. 

The action by the United States, 
France, Canada and Venezuela 
came after the military rulers of the 
Caribbean republic ignored a Jan. 
15 deadline to cooperate in the re- 
turn of the exiled president, the 
Reverend Jean-Beroand Aristide: 

Since he was ousted in a Septem- 
ber 1991 coup, the military has de- 
fied demands that he be restored to 
office. 


AMSTERDAM 

CROSSROADS INTERNATIONAL CMJR- 
CH Ira&de n orrir &i onal & Evangflfca I Stn- 
day Serves 1030 am I Kkfe Wefccma Da 
Cuswsti&at 3. S. Amsterdam Into. 02940- 
1531 6 or 02503-41 399. 

MADRID 

NTEHNATIONAL COMMUNITY CKflCH. 
CoteJQ B Power*. Bravo MurBo 85. 28003 
Madrid. Worship, iOOO am, Rev. James 
Thomas- TeL 858-5657. 




As described by American offi- 
cials and other diplomats, the four 
countries expect to submit soon to 
the Security Council a resolution 
calling for expansion of the current 
UN ban on oil shipments to in- 
clude all commercial trade except 
food and humanitarian supplies, 

Thai would be done, the officials 
said, by making the voluntary trade 
embargo recommended by the Or- 
ganization of American States im- 
mediately after the coup binding 
on all UN members. 

Such a move would greatly in- 
crease the hardships already im- 
posed on Haitians by the oil etn- 
bargo. and this has made some 
countries hesitant to agree to the 
proposed new sanctions. 

The officials said diplomats from 
the four countries were seeking the 
views of other governments, partic- 
ularly in Latin America and the 
Caribbean, before drafting the res- 
olution. 

In particular, the officials said, 
the resolution sponsors want to be 
certain that UN member states wiE 
cooperate in observing and enforc- 
ing an embargo. 

For that reason, they said, there 
is a possibility that the trade em- 


bargo might not be imposed imme- 
diately but rather held in reserve 
while other new sanctions are put 
into effect. 

One of these measures would 
prohibit nonscheduled plane 
flights in order to end the practice 
of Haitian officers and their civil- 
ian backers sending private planes 
to places like Miami or Mexico to 
stock up on luxury items and other 
banned goods. 

Commercial passenger flights 
would be allowed to continue. 

In addition, the proposed resolu- 
tion would provide what one 
American official called “a legal 
basis” for other governments to 
block the bank accounts and other 
assets maintained by Haitian offi- 
cers outride of Haiti. 

Imm ediately after the coup, the 
United States blocked the assets of 
41 Haitians who played roles in 
Mr. Aristide’s ouster. ' 

The Treasury Department an- 
nounced Thursday that it has add- 
ed 523 more names —virtually the 
entire Haitian officer corps — and 
their family members to that list. 

The State Department said the 
visas of all Haitian officers to travel 
to the United States were being 
revoked. 


RELIGIOUS SERVICES 


FRANKFURT 


DARMSTADT 


W M&M M ag 



MONTE CARLO 

NTL FELLOWSHIP, 9 Rub Louis -Nolan, 
Sunday Worship 11:00 & 6 p.m. 
TeLSZI&SBjQO. 

PARIS and SUBURBS 

HOPE INTERNATIONAL CHURCH (Evarv 
gteeft Surv 930 am Hotel Orion. Metro 1 : 
fspSia* da La EWanse. TaL 47.735354 
w 47.75.1427. 

SAINT JOSEPH'S CHURCH (Roman 
Catholic). Masses Saturday Etersng 6:30 
p.m., Sunday. 9 45, 11:00. 12:15 and 
5:30 p.m. SO, avenue Hoche, Paris 8th. 
TeL 42272856. Metro Charles da Gatea - 
Etofe. 

■VINCENT VAN GOGH'S SPIRITUAL 
JOURNEY" Unitarian Urtvereafet Worship 
service wtfi Carolyn Boyte-Tuner at 12 noon. 
January 16. Foyer deJA me, 7 bis, rue du 
PaseurWagrw. Paris 1 1*. W Basfite. Foto- 
wed by Jtflernoon vrst ol Mus6e cfcj Pneurit n 
SLGenT^rvwUayeLRBSgiouBeducEtoilor 
leans and chkfcen Chid can. Modtetan and 
spinual own groups. Sadat acth/Ues. For 
rtameean cal 43.793957 or 42.77 j96.77. 
STRASBOURG 

ST. ALBAN (Angfcan) a l r&pse dss Domrt- 
cahs. Eirtarist 1030 am. comer BM. c fe b 
Vetoire & rue da rUniversM. Strasbourg 
(33)88350340. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, new IrdabasN S6x Tel.: 3261- 
374a VWordia Service: 350 am. Smdays. 
TOKYO UNION CHURCH, near Omotosao- 
do subway sta TeL 34000047. Worship sor- 
vto* Surrfay 850 & 1150 am. SS d ®4S 

am. 

VIENNA 


GENEVA 

Eli/MANUEL CHURCH. IsL 3d & 5tti 9m. 10 
am. Eucharist S 2nd & 4th Sun. Morning 
Prayw.3twdeMartfKuO201Genew.Srt- 
artjnct TaL 41122 732 0Q7B. 

MUNICH 

THE CHURCH OF TT€ ASCENSION. Sun. 
11*5 am SeytxtfBtosse 4.81545 rtrtdt 90. 
Germany. TeL 49B9 611 55 2a 

ROME 

ST. PAUL'S WTTHN-THE-WALLS. Sin. 850 
am Holy Eucharist flfe 1 1050 am Chord 
Eitharist Rte Ifc 1050 am Church School tor 
ertdren & Nsseiy care protect 1 pm Spart 
Sh Eucharist Vks Napofi 58. 00184 Rome. 
TeL 396 483 3339 or 396 474 3569. 
WATERLOO 

ALL SAINTS' OWRCK 1st Sun. 9 & 11:15 
am Holy &xharisf wSh Chtowt's Chapel at 
11:15. Al other Sundays: 11:15 am,Hob&j- 
charist arri Smdw Sdratl 5S3 Chaussde de 
LoMinCharv Bogun. TeL 392 3845556. 
WIESBADB4 

THECHUFCHOFST. AUGUSTTC CFGW 
TCRBURY, Sun. 10 am. Fantfy Eucharist 
FtsnUtftar Strasse 3. Wtestradsn. Germany. 
TeL 49611 506674. 

EUROPEAN 

BAPTIST CONVENTION 

BARCELONA 

FAITH FELLOLVSHIP INTERNATIONAL 
meets at 1600. Bone Now Baptist Church 
Carter de la OutM de Brta g uor 40 Pastor 
Lancs Batter, Ph. 410-1681. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH, 
SERUM Rofertug Sir. 13, (SteM. B fete 
study 1045, worship at 1250 earn Suxtay. 
Charles A Warfont Pastor. TeL 030-774- 
467a 

BONN/KOLN 

TIC WTERNATIONAL BAPTIST CHURCH 
OF BONWCOtN. Fhefneu Stresee 9, KWn. 
Worship 1:00 pm. Calvin Hogue, Pastor. 
TaL (02236) 47U21. 

BRATISLAVA 

BbbSfejdylnEngfah 

Petsady BsptiBt Chucft Zinsheho 2 1&30- 
1746 

BREMEN 


BtiSSSB 


DUSSELDORF 

NTERNARONAL BAPTBT CHURCH En- 
gtish. As. 1050, worship 11*». ChSdren's 
duch and misery. Meeto at tie kterredcnal 


MecbeUeHsmaHonal 



THE B^SCOPAL CHURCHES 
OF BLffifOPE fAngEccm) 

PARtS and SUBURBS 
TVffi AMERICAN CATh^DRAL OP THE HO- 
LY TRINITY, Sim 9 S 11 am 10 am Suv 
dav School for ertdran and Nwsecy care. 
Trtd Sunday 5 am Evensong. 23. avenue 
75006 Tel: 3# 4720 179R 
Jggeaoge V of Alma Maraea 

FLORENCE 

cr JAMES’ CHURCH, &A 9 am. We 1 6 
vi ajoR»e ^ Benwrto RtxxOtu S. 




BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Slrada Popa Ftosu 22. 34» pm Cbnaa Btf 
B tohadsw . TeL 01091 - 6 I. 

BUDAPEST 

tm ema tort Bantet r eto wh ip. H B«rtx>_a S6 


pm Pastor Bob ZBintei. Ttf: 11SB116. 
Reached by bus 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
Sofia. GmJ Naredno Sobena Srae. Wor- 
ship 11:00. James Duka, Pastor. 
Tel: 70067. 

CEUE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 
WntfmJen Skassa 45, Cole 1300 WferttfL 
1400 Bbto Study. Paste Wvt Cancbflt Ph 
(06141)46416, 


GStswoti. Fnenrfyj fe*>wh 
lions welcome. Dr. W J, 
TeL 021 W00 157. 


FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP EvangelscIvffBlorttfche Gememde, 
Saderwtfr. 11-ia 6380 Bad Hamburg, ptro- 
rw: 0613^23Z78 or 08196643350 saving 
tin Franhfcit and Taurus areas. Germany. 
Sunday worship 09:45, nursery + Smday- 
school KKXL wemen's drda - Friday 0951 
Housegaupe - Sunrtoy + Wednesday 195a 
Pastor M. Levey, merrbar &repean Baptist 
Canvortfoa '‘Dedere He gtoty a mongst ffw 
nttior s .' 

BETHEL INTERNATIONAL BAPTIST 
CHURCH, Am DacMteg 92, F*ar*&Jt aM. 
SUidayworahbltDO am. aid 650 pm. Dr. 
Thomas W. HR pastor. TeL 06964^9. 

HAMBURG 


wmmm 


HOLLAND 

TRWITY B4PTIST SSL 950, Wcrshp 1030, 
nursery, warm taBowsttip. Meets at 
Bfoemcan^riaan 54 in Wassenaar. 
TeL0irei-78Qa». 

MOSCOW 

*WHWA7K»tAL BAPTIST FHKJWSWP 
M oo ti n g 1100: Kino Canter BukJng 15 Druz- 
Duternhoudaira U. Stir Hoar, Hal 6L Metro 
Station Bwrtadnaya Pastor Bnif Staniay Ph. 
<09^1503233 

MUNICH 

NTEHNATIONAL BAPTIST CHURCH OF 
MUNICH, Holzstr. 9 Engish Language Ser- 
vices. BUe study i&OO. Worship Service 
ITfXXT^storie phone: 690 BEG 4 . 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHUHCH. 56 Ru» 
das Bons- Raisins. RuwtMahnaison. An 
Evangeto a l dutt tar Hie Engfeh ^reaMng 
community located in the western 
shutoei&& Wnretip: 1tt«a Chttahj 
Chudi aid Nursay. Youth mini a tes Dr. Etc. 
Thomas, pastor. Cati 47.51-29.53 or 
47,49.1529 for HoBnatim. 

NTEHNATIONAL BAPTIST FELLOWSHIP. 
630pm, 123 av. (to Maine. Mo Gate. Near 
tire Totr Mortparesn. The e v ertiig service 
ol Emmanuel Baptist Church. Cafl 
47512963 or 47X01529. 

PRAGUE 

Ita Wta n ti Bapifat ftto wahto meets al »a 
Czech Baptist Ouch Vmohiadska 4 68. 
Prague 3. At metro stop JWwz Podebrad 
SutKfay a.m. 11KXJ Pastor. Bob Ford 
(02)3110693. 

WUPPERTAL 

Inte rna tio n al Baptist Chuth. Engish. Ger- 
man Persian- Wort-dp 1050 am. Ssieratr. 
21, Wipperial • EberakL AS denominations 
welcome. Hans-Dteiar Praund. pastor. 
TuLQ2Q2K6BK»J. 

ZURICH 

WTERNATJONAL BAPTIST CHURCH d 
wadensrt (ZEridf. Swfeeriand, fteertag- 
straise 4. Worship Sendees Sunday 
memtogs 1 1dXL Tel: 1 -700281 2. 



**<$■*■ • •••*■ „ 


p • ; v : 'T 

r"r, 

- 

v 

A. 




OiWntb tea Ita m 

HAIL TO THE CHIEF — Cartes Roberto Reina aod tes wife ackpoiried^iK the cbeers of (be 
crowd at the National Statfim in Tegotiga^tt after he was sworn is as preadent of Hootfans. 


| UNffAWAN WIVHtSAUSIS | 

INITARiAN UNWERSAUST takmships & 
coptecto h Euope rdude 
BARCaXJNfi: (031 31491 54. 

BRUSSE LS: Td,- feg) 66002261 
FRANKFUmiMESBAOEN: (06120) 7210ft 
BENEVAIB8M (022) 774156B 
HQDELBERQ: (06221) 7M001 Or (0621) 

58171 a 

LONDWt (081 1891 -on a 
UUMCtt (C621) 47-3486. 
NETWMAM»r(CI71) 14-0988 
NURNBERO/FRANCONfAt (0911) 
46 7307. 

PAfifSe (1)42-77-96-77. 
ZUMCHiWBfTBnHUR: (0621 2137333. 
BBORMATIOte (4^(821)88-1716 

ASSOC OF INTIOURCHES 
M EUROPE & MBDEAST 

BERLIN 

AMERICAN CHUHCH IN BERLIN, cor. of 
Clay Afee & P o tsdarrwr Sfr, SS. 950 am, 
Worehipll am TeL 0308133021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CW51CH OF BRUSSaS, Sunday School 
950 am. and Chuch 1(M5 am Ksttetosm 
19 (at the Ini. School}. TeL: 673.0581. 
&js95.Ttam 94. 

COPENHAGEN 

NTERNAT10NAL CHURCH of Ocpenhagen, 
27 F an rei ua de. Vanw, near RArtius. Study 
1015 SV'fertifcl 150. TeL 31824785. 

FRANKFURT 

TW8TY LUTVBRAN CFftJRCH. Nbeturasi 
Afleo 54 (U-Sahn 5). Sunday School 950, 
worship 11 am TeL (063)599478. 

GENEVA 

EV. LUTHERAN CHURCH o» Geneva » 
rue Verdane. Smday worship ft3a in G«r- 
man lino in Encash. Tet 0)22)3105089. 

LONDON 

ANBUCAN CHURCH h London at 79 Trt- 
tonham Ct Rd. Wl Wwshjp to 0LOO. SS at 
10LJO am. Sung worship to 1 1 am Goodga 
SL Tihe; Tel: 071-5802791 . 

MOSCOW 

MOSCOW PROTESTANT CHAPLAINCY. 
UPOKHaJ.lX-UUaPteTra5.bld3-2.Ufcr- 
shfc 9 + 11 am. SS. TeL t438562. 

OSLO 

American LUheran Church, B a z ne regL 15 
Worship A Sunday School 10 a.m. 
TeL«E)445S54. 

PARIS 

AMERICAN CHURCH W PARTS. Wootop 
1150 am 65. Qua) dOrsay, Paris 7. Bus 63 
a door, Mteo AtnaAfcroaau or ImaUes. 

STOCKHOLM 

IMMANUEL CHURCH. Warshfc Christ to 
Swedish. Engtish. or Korean. 1 1 .-00 am 
Sunday. Birger jarisg at Kungstensg. 
17. 46/08/ 15 12 25 * 727 tw more 
htem a ticn 

VIENNA 

VIENNA COMMUNITY CHURCH, Simday 
worship in English 1130 A.M.. Sunday 
schaoLnureery.Mamationel,atiiteionra- 
ti e ng ww b onra. Dorctoaei^saa 1 & Manta 1. 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 
ft H Bs a nr5rgfchtequaae a tort» te as . SuT- 
days 1150 am. (SepL-^&y), 10 am (Jura- 
At^): Sunday School ttSS (Sept-May} UL 
Mbdowa 21 .' TeL 43®-7a 

ZURICH 

NTStNADCNAL PROTESTANT CHURCH 
Engfeh sprang, weritshp service, Suiday 
School S Nunwry, Sundays 1 130 am.. 
Se ha r ias r gas aaZS. TaL pi| 2625525. 


France Grounds Airbus 
For Landing Gear Fault 


By Barry James 

International HeraM Tribtme 

PARIS —The French airline Air 
Inter grounded its new Airbus A- 
330 jet on Friday became the main 
landing gear failed several times to 
retract after takeoff. 

Both the airiine and the four- 
nation Airbus Industrie consor- 
tium said the defect tod not com- 
promised the safety of the 5115 
million air craft, the world’s biggest 
twin-engined widebody. 

The president of Airbus, Jean 
Pierson, said such defects could he 
expected with the introduction of 
any complex aircraft. “In our busi- 
ness, we don’t start praying or 
knocking our beads against the 
wall when these things happen,*' he 
said. 

Tie plane was flown to the Air- 
bus assembly plant at Toulouse in 
southern France. A spokesman 
there said “we hope to find the 
defect and fix it over the weekend.” 
It wfli remain grounded until engi- 
neers are sure the problem has been 
resolved. 

The plane initially went back to 
the factory after the wheels failed 
to retract on Jan. 18 and 19. Engi- 
neers there thought they tod cor- 
rected the fault- The spokesman 
said the plane w?s taken up for 15 
test flights without inddeaL 

But the problem occurred again 
as soon as it was returned to Air 
Inter. The wheels failed to retract 
after the plane took off on a flight 
from Pans to Marseille, and it had 
to return to Orly airport Air Inter 
said the Airbus landed routinely 
and the passengers were trans- 
ferred to another plane. 

“It seems to be an intermittent 
problem on this particular air- 
craft” the Airbus spokesman said. 

According to Airbus, a safety 
mechanism prevents the landing 
gear from retracting unless the 
wheels are correctly aligned to fit in 
the undercarriage bay. The compa- 
ny said there had been no difficulty 


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[310)471-0306 
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CM w writo hr tabraatim 

1 — -- — ~ — r ‘i flu 

Pacific Western University 
600 N Samiras BM Deal 23 
Las Angeles CA 9GM9 


in locking the wheels into the land- 
ingporibon. 

Tne A-330 3nd its four-engmed, 
long-range aster, the A-340, are 
equipped with the same main land- 
ing gear, built by Dowty Aerospace 
in Canada and England. 

Dowty said that although the. 
landing gear was designed to die 
specifications of the A-330/ A-340 
range, it is similar to equipment in 
use on hundreds of other planes. 

The A-330 uses computer-assist- 
ed flying technology, but this has 
nothing to do^ with the landing gear, 
which consists of mettorticai and 
hydraulic components. 

Air Inter was given an an undis- 
closed discount on the price of the 
plane in return for being its launch- 
ing partner with Airbus Industrie, a 
consortium of companies from 
France, Germany, Britain and 
Spain. The carrier bought the 335- 
seat airliner for use on high-fre- 
quency, short-haul operations in 


The partner assumes the incon- 
venience of sorting oat teething 
problems on a new aircraft ana 
acquiring operating experience, 
which it then shares with me manu- 
facturer. 

Malaysian Airlines, Much plans 
to use die A-330 on medium and 
long routes, will be the internation- 
al launching partner. So far. Airbus 
has delivered only one A-330 to Air 
liner, where it went briefly into 
commercial service Jan. 17. 

Worldwide, airlines have placed 
orders for 1 18 A~330s_ 

The A-330 completed 1,100 


Soecma en gines, and is undergoing 
a further 500 hours erf testing m the 
air with U-S.-boilt Pratt & Whitney 
engines. It also underwent route- 
proving trials with the two part- 
ners. Airbus said that there were 
sever any landing gear problems 
detected during testing. 

The A-330 was the first aircraft 
to achieve simultaneous certifica- 
tion in Europe and the United 
States. Both the Joint Aviation Au- 
thorities in Europe and the Federal 
Aviation Administration were in- 
volved in certification procedures 
from the drawing board upL 

The landing gear failure was the 
second setback for Airbus this 
month. Last week, an Air France 
A-340 burned on the runway at 
Paris's Charles de Gaulle airport 
during routine maintenance. The 
police have not yet said what they 
believe caused the fire. 


Mr. Craxi, prime minister from 1983 to 1987, is to betried with nine 
^p fr-nriariTK on corruption charges in M3an over bribes said t o have 
been paid by an insurance group for contracts with 
ENL The trial is to begin March 29, the day after the efectxon. Both men 
face up to five years in prison if convicted. 

2d Market Collapse in South France 

NICE (Reuters) — Two people were hurt when an interior ceiling 
collapsed on Friday in a supermarket in the Frendi Meditenanemto^n 

rfHv^TtosupemarketisranbyttosanieFrimtiaqwmaiketcttam 
that owns the sttxe near Nice, where two peojde were Irifledm a roof cave- 
rn on Wednesday. ■ ■ 

Emergency workers inHyfces, east of Toulon, said a 200 -squaremdter 
(2,150-square-foot) section of the plasterboard ocffing off the Casrno 
supermarket dropped in rmdaftemodn, injuring a 30 -year-old woman 
and a 12-year-ola ghi 

No Neo-Nazi Link in Attack on Rabbi 

BUENOS AIRES (Ratios) ~ A 17-year-old youth wbo punched and 
kicked Argentina’s top rabbi last week does not appear to belong to a 
neo-Nazi group as carte thought, the rabbfs lawyer said Friday. 

“I don’t think it's an organized Nazi group," NaiaEo Czaim, who 
represents the head rabbi of Buenos Aires, Salomon Benh am n, told a 
radio interviewer. “I don’t believe if s an organized setup." 

TRAVEL UPDATE ‘ 


J SL: 


Hanoi Readies ILS* Airline Deals 

HANDICAP) ^Vietnam is malting plans for agreements^ 
commercial amines whDe awaiting the Efting of a 19-yem-oW trader 
embargo imposedby^ Washington, the chief of the Civil Aviation Depart- 
ment said. The official, Nguyen Hong Nhi, did not identity the mmne& 
Analysts predicted that overseas markets would be lucrative for Viet- 
nam. More than 2 million Vietnamese have reseeded in 70 countries, 
about half in the United States. Last year, mate than : }4Q0pO' Vietnamese 
ttving abroad returned to Vietnam to vim families and friends. 

PortngaFs dvfl-serrice muons rejected a 15 percent pay offer on Friday 
and wwed to Follow iq?a24-hour strike with nirthfirstqRmges- (Ratten) 
Three French tourists bare been kidnapped in Yemen by a tribe angry 
because a new highway project is bypassing their region- The three, a 
married couple and a woman, have been held north of San'a since Sunday 
and are in good condition, the Foreign Ministry said. (AP) 

Dutch beaches were reopened Friday after the retrieval of 1 38,000 bags 
of pesticide that were washed overboard from a freighter tins month. But 
wanting signs wSl be posted for a month, authorities said (AFP) 


7 Killed as Windstorms 
Sweep Through Europe 

OmyjQtdfy Ow Sb$ Pnm Dbpmdm 

BONN^ — Ai least five people were kffled in Germany and one each in 
Belgium and France as storms swqpt^ Western Europe on^ Thursday night. 

. Gale-force winds reachnm 17P k flo raetep an hour(IQ5 miles an hour) 
toppled trees and ripped off roofs. 

Most of those Itiued were motorists or motorcyclists who crashed into 
fallen trees. A 48-yefariold forester in Bavaria died when* troeZdFon Sun 
as he tried to dear a blocked road with a chainsaw. . 

Traffic was held im and trains were delayed for hours because of 
blodced roads and am tracks. . 

Irgurics and extensive damag e, war, reported in Germany, Belgium, the 

Netherlands and Austria as roof riles were blown away and fences and (^v 
road signs toppled. A 30-meter(l(XWoot) shop wmdow was blown out in 
Mainz, near Frankfurt. 

In Belgium, winds gnsted up to 130 kflometars an hour, and car ferry 
services to England from Qaaid were suspended. 

A motorist was lolled and two other peopte were injured when a tree 
fell across a sbt-lme higfrwaY in a Brussds suburb. . . . 

. In Paris, onepersan was kiEcd and another figured when highwinds 
caused a chimney to collapse and crash through the roof of a six-story 
apartment boDdmg, The wmds knocked out eketridty for al least 20,000 
households for sevanl hours on France’s western coast. 

; . Four German express rail routes were shut during the day cm Friday, 
threatening to hamper weekend travel, and other trains were slowed by 
damage to electric cables or blocked tracks^ . .. (Ratten, AFP) 

Kim Sang Man Dies at 84 , 
Ex-South Korea Publisher 


S.£* 


New York Tima Soviet 

Kim Sana Man, 84, the former 
pubfiste'Of South Korea's most 
influential newspaper, died 
Wednesday in SeouL 

Mr. Kim was associated with 
Doug- A Hbo for 45 years, starting 
in 1949, serving as executive direc- 
tor, president, publisher, chairman 
and, since 1981, chairman emeri- 
tus. 

He helped budd the paper into' 
one of South Korea’s largest na- 
tional daiHes, wiih a circulation of 
more than one zn3KonrTbe paper 
did not diaflenge fee anthnritpp an 
postwar governments but has 
shown mote independence- in re- 
cent years as South Koreahas wid- 
ened democratic rights. 


At his death, he wra- gfiflfrman rf 
be trustees off Korea Umvaaty, 
formedy Posting College, in. Seoul 
Awm KaW, 47," the chief of die 
Jocdante Air Force, died off"-* 
heart attack Wednesday as he pie- 
pared to begin a visit to Wadns^-' 
too, the Jordanian Embassy srid m 

Warisngtrm. . 

Estte Rabton, 91, ane’af dw- 
highestpahl stars of Ac- 
screen who was. described as 
“American Verms’* forbwbkjode 
beauty, died of heart trtwWeJ» 
Ventura, CaMorina. ’ V" V .« ' 
Qaode AkSns, 


cancer Thursday in Alodcto.'^" 

-fotitia, .. - ■; c ■'.-.v,-- , 


Impriae par Offprint. ?3 rue de l ’Erangih’, 750 1 ft Petit. 


* . •••-. 
.W? i'"- -V ••• 

s r. 

p±- - - 

' v. > 





mmm. 




C** Y±Sj£> 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 29-30, 1994 


Page 3 


yrroumn x„Tt<+ 


-• cES! 

^ governor of ArkansaTT- “ 

' *<*&» leased for Mr. 


Trial; 


-' "-»S0 1 

• ‘‘I r ~ r 

"ZT:** - 


tth Frss 



WAS HINGT ON — Two months after his pofttical Mnsultmg 
cax f er ^S*®?** 10 ut nnns, Edward J. Rioffins is bade In basmess. 
joe waflaus,- a blade bus in es s man; dud Baptist nrimsteiL said 

fhirrcHovihol Ka h«ul K!~ J i/. n_n- ._-u_,TT 


- .p«w;.n W «,uw uuai mu, lunmis 10 neip manag e ms caaeMa- 
the Republican nomination for the US. Senate from P enney !- 

Mr. ^nWayeto^Rqhihikanopcaativ^crta^ani^mwrih 
November by bragging about the party’s efforts to suppress the 
Wack vote m the New Jersey gubernatorial ejection. Mr. Roffins later 
recanted, sayrijgJje made np the story. 

Although federal and state investigators said they found no 
evidence to support Mr. Rollins's ori ginal pl a i m vj - jns reputation was 
left in shambles, and many Repubftaiu' predicted it would be yearn 
before he wotked in' a campaign — jf ever. . (WP) 

FBI Chtef Mow toPut Mora Aq+nt» on Str— t . 

WASHINGTON ~ - Louis J. Freeh, the FBI director, is cutting the - 
ranks of supervises and administrators so he tan inove 600 of the 
bureau's 10,078 agents from desk work to str e et investi gations. 

- “For too many years, FBI heaAqparttvnt in T Vashmghm hasbcec . 
top-heavy .with supervisors. and. unnecessary levels of review and 
decision-malting,*’ he said. 

.“We need fewer agents behind desks , and more cur the streets 

inVKtiaqffntt «n#l - ' - * - 1 — A LI! - •_* ' 


— ■ — ^ — ytwuw vi nunL>, apnea, 

drug dealers, mobsters, gang members and t£norists, n he said! (AP) 

Quote/Unquof ... . , . . 

Senator John Warner, Republican of V irginia, on Oliver L. 
North's seeking the Republican nomination for thc state’s other 
Senate sea^ and the laci that Mr. North was convicted of several 
charges relating to theTran-contra affair “So far as we know, no one 
in the history or the United Stales Senate, since 1789, has ever sat in 
this chamber, that was convicted of a felony." 

Mr. North, on Iran-contra: “Most people don't give a rat’s 
patootieL” (NYT) 


Firearms Set to Outstrip Cars as a Leading Killer in U.S. 


By Dana Cal vo 

‘ ' ., New York Timer Service 

. WASHINGTON — If current trends continue, 
amshot .wounds will take- more lives in the United 
States than automobile accidents within a decade, 
according to a repeat released by the Department of 
Health rad Human Services. 

Shooting deaths already exceed traffic fatalities in 
m states and the national capital, Washington. 

“It is appalling that in the- world's strongest and 
wealthiest country, death by firearms is increasing at 
the alarming rate these studies find,” Health Secretary 
Donna E. Shalzdasaid In introducing the report. 


Because of a decline in motor vehicle deaths, the gap 
is narrowing between the two leading causes of death 
by izrjury, the report said. 

In 1991, 43-536 people died from crash-related 
injuries and 38,317 died from gunshot wounds. 

While motor vehicle-related deaths declined 10 per- 
cent from 1985 to 1991. the number of deaths by 
firearms increased 14 percent in the same period 

Together, motor vehicle accidents and gunshots 
account for more than half of all injury-related deaths 
in the country. 

Among 15- to 24-year-olds the trend was even more 
pronounced: Motor vehicle-related deaths rose 18 
percent, while deaths from gunshots rose 40 percent. 


according to figures from the Centers for Disease 
Control and Prevention in Atlanta. 

The director of the centers. David Satcher, said he 
was optimistic that the nation would make gun safety 
a priority just as it made motor vehicle safety a priority 
in the 1960s, when deaths caused by crashes were 
climbing rapidly. 

“We developed a comprehensive jplan to reduce 
motor vehicle deaths," Dr. Satcher said. “As a nation 
we can, and we must, do the same to prevent deaths 
from guns." He attributed the decline m motor vehi- 
cle-related deaths from (he 1960s in parr to the im- 
proved safety design of vehicles, child safety seats and 
educating the public about alcohol and driving. 


In 1992, New York State had 2,345 gunshot-related 
deaths, compared with 1,959 motor vehicle-related 
deaths, according to statistics released Thursday by 
the State Department of Health. In 1991, 23 15 people 
in the state were killed by firearms, and 2,228 were 
killed in crashes. 

The other five states in which gunshot deaths out- 
numbered crash deaths were Calif ornia. Louisiana, 
Nevada, Texas and Virginia. 

The rate of shooting deaths in the United States 
already far exceeds that of American combat deaths 
during the Vietnam War. During nine years of war, a 
total of 47369 U.S. servicemen lost their lives in 
combat. 


7 . : • : • • X 








1 David Ake/AgHJCT Frm-Preuc 

OtiverL North p*eting supporters in Herndon, Yirgjnia, after be announced be would seek the Repobfican nomination for Senate. 


Away From Politics 

• The first American dadren pox vaccine was declared safe for 
children and adults by a federal panel but medical experts said its 
long-term protection was unknown. The Food and Drug Adminis- 
tration Vaccines Advisory Committee voted that Merck & Compa- 
ny's Varivax vaccine met the legal “safe and effective" test. Bui panel 
members recommended dose surveillance of those vaccinated for as 
long as 40 to 50 years to guard against future outbreaks. 

• Three teenage girts were arraigned as adults in the slaying, of a cab 
driver over a S6 fare in West Palm Beach. Florida. Willona Perry. 17. 
Kimberlee Smith. 15, and Stephanie Powell 13. were each charged 
with first-degree murder. 

• Michigan's assist ed-stridde law was rated unconstitutional by 
another Michigan judge, who dismissed two of Lhe three remaining 
cases against Dr. Jack Kevorkian and freed him from bouse arrest 
The judge, Jessica R. Cooper of Oakland County Circuit Court, 
ruled the law was void because it violated two state constitutional 
requirements: that a bill may not be amended to change its purpose, 
ana that a bill may have only one objective. 

• A federal undercover agent testified that be had warned his 
supervisors that the leader of a cult near Waco. Texas, knew his 
compound was about to be raided, but that officials of the Bureau of 
Alcohol Tobacco and Firearms went ahead with it anyway. The 
agent, Robert Rodriguez, said the raid “could have been called off.” 

• An anti-tumor vaccine has been found that allows the body's 
immune system to recognize and attack cancer cells. Researchers at 
Case Western University in Cleveland with a team at the Tumor 
Immunology and Biotherapy Center in Shanghai have demonstrated 
that their tumor vaccine works effectively against liver cancer in rats. 

• A special U.S. watch order is being lifted for a New York nuclear 
power plant, but seven other reactors in four states are bring kepi on 
the federal list for dose scrutiny. The Nuclear Regulatory Commis- 
sion. in its semiannual review of nuclear plants, said it was taking the 
Fitzpatrick plant near Oswego off close-watch because it had dem- 
onstrated sustained improvement in management and ope ratio Q- 

Reuterr, NYTAP 


own 


- fiy B. Drummond Ayres Jr. 

’ New Yak Tana Service 

LOS ANGELES —When Alvin 

TJollar of Atlanta told his wife that 

- ! he was headed for Los Angeles to 

attend a convention and asked if 
she wanted to come along, her re- 
„ . ply was an emphatic “No!” ... 

Mrs. Dollar feared another 
earthquake. " • • • 

- - Bat Mr. Dollar dtrinV amf *?•- 

this week be fcand himself enjoy- 
ing the sunny, noisy, thtiD-iafcd . 
deaghfs afoneof ihe most pcpaU < 

^ /dcmetfiHSUKKt parks in Isbs'.'Anga- • 

-. Tea, 1 Universal. &o£o« HoBywood.' 

,; “I didn't Wit to be the cfakk- 
^ cn,” Mr. Dollar said as he headed 
■ far a ride called“Back to thcFo- 
• lure." . V . . ■■■;;. 

-2 - • Tourism is a S2Q triffion-a-year! 

business in Los Angeles, raid* 

* ■ xouSstrtffieialssaymakoitW^ 


the biggest businesses nt the city. 
But inme aftermath of the JaiL T7 
earfliqua^dlyofficidsarediKply 
worried that in the coming months 
there may be a lot of “dnekens" 
when it conies to tourism here. 

- . Theae wcte times one day this 
week at the Universal Studios park 
when no ooe stood in fine to buy an 
cnaytidcct Far that matter, most 
of Jhe .tidot booths woe dosed, 
pmk officials saidJ aim- 

that thetowm tourism income tee 
is the neat year could exceed $300 
'million, resulting in layoffs for 
more tfum 9,000 of the 400,000 peo- 

pkxriw Wkin theimtostiy. . 
the sow cBd not mm vp any 

-mmorcanbcvuions of conventions 


or major sports and entertainment 
events; Disneyland, for example, 
reported no major faUoff in busi- 
ness. But the survey did find a few 
long-term as well as short-term ho- 
tei cancellations, some based on the 
incorrect assumption that the 

earthqnaVe had earned major dam- 
to the city’s tourist attractions 
and convention services. 

Moreover, based an the tourism 
indns&y!s experience after earlier 

n»tmnl mimmmte ftic- 

nytions, thesim^prwSctedinore 
cftucefiatkms.- • 

- “No question vre’re going to be 
hurt," said George Kirkland, the 
bureau's preadenL “For all that’s 
happened, the troth is that wt axe 
basically still a fully operational 
city, with some bufldrogs and high- 
ways badly damaged, yes, bst only 
a few major buildings and only a 


few spans down in an entire 500- 
mile freeway system. That’s the 
message we have to get out toover- 
come the psychic damage that goes 
along with the physical damage." 

A major concern is that the 
earthquake nrigbt result in the can- 
cellation of future conventions and 
events in the city’s convention cen- 
ter, now tire largest on the West 
Coast and one of the largest in the 
country since the recent comple- 
tion of a 5500 million expansion. 

Although the predicted losses in 
money and jobs here may seem 
statistically small they would add 
significantly to the economic prob- 
lems that have afflicted Los Ange- 
les in recent years as Southern CaK- 
fomia has been battered by the 
national recession, rioting, brush 
fires and torrential rains. 

Tburism losses from the riots 
and looting that swept Los Angeles 


Northeast 
iS* • - - 

3alt Blues 

By Dale Russakoff ' 

Washington Part Service ' - 
PHILADELPHIA —A crisis at-: 
’rnosphere has settled overmuch of 
the East Coast from Washington 
north as state and local .govern- 
ments have run out erf the connnod- 
-ity that allows fife to go cm even in 
’ihe most wretched winters: salt. 

: ' With extreme weather pounding 
both the Midwest and the North- 
east jjpd forecasters predicting 
mixie ot ifee same for Ftiraaro, 
Large areas are likdy to face weeks 
of slippery roads without enoogji 
salt to combat them. . 

_ penhsylvama officials conmns- 
sioaed two trains and an ^nn ad^ o f 
"trucks, indudingan Anny Reserve 
tmit, to bring rock salt from upstate 

NewYoiktotheice-coveredFhila- 
ddphia region eaifier this week. . . 
* Manufacturers responded by 
mnnmg salt mines 24 hoars a dayi 
■while eQso bringing supplies m on 
'flotillas from mines in the Bahamas - 

’ and the Netherlands Antihc& Uns 

week, Mexican manufacturers be- 

■ ean calling state offkaaU with of- 
fes to fill the void — for a pncc. 

r * “However much salt you get/yea 
end up using it," said Ed Kficcado. 

' public works «mmisMoner « Ab- 
mgton Township outside Phil ad d- 
pfata. “Then you beg." - . 

After three weeks (rf aww and 

ice, most Nartbeastero Sales have 

cxhflnsted75 percent to 90 percent 
of the xodt salt they had wdered 
for die entire- winter, according to 

■ fitam offidab.aud. salt^Ks. 

. The producers say they have the 
jah, but face the same probie^aj 


TOPICS 

Postal Carriers Are Tapped 

in fine Fi^bl Against Crime 

Mai. QsnjRs move, quietly down your street 
almost every aiy. They know raeie you live. They 
know kind of car you drive. So why shouldn’t 
they use tbdr positions as lpdtouts for crime? 

“Who better thanmafl candera to be emt there as 
concerned atfeens with their eyes and ears open?” 
said Bill Pick, a carrier who began a Postal Crime 
Watch in St Fethsbuig, Florida, five months ago. 
“Most .carriers have been on their route for years 
rr-.they know when things aren’t nannaL" 

Now, Las Crudes, New' Mexico, has started 
equipping its 64 carriers with donated, cd lular 
phones. to repOTt suspicious activity.. .... 

Cab drivers, tdepbqme^ ^ jnstalkas and utility 
weaken in some otherdties also are partidpatioig 

is thar report saspidew activity: 

Not everyone Jibes the idM. Critics argue that 
the mission of the Postal Service is delivering the 
tmhI, not police work. And they are concerned that 
mafl^ earners could become targets of retribution. 

Short Takes 

For consumers who pride themselves on finding 
the best buys, Hfe is becoming much more compli- 
cated, The Ncw Yock Times report*. Following the 


because you always have the sense that you didn’t 
get the best deal" said Carol Christian of Ka- 
lonah. New York, a training consultant who flics 
frequently. She herself bought a car three years ago 
from a dealer who refused to haggle. “I knew that 
everyone else was going to pay the same price." she 
. said. 

Focacda from the north of Italy is sweeping the 
United States today, as pizza from the south of 


reports. Like pizza, focacda (pronounced foe- 
KAH-cha) is a flat bread. Unlike pizza, it can be 
eaten plain, though it also can be flavored with 
dive ou and other fiavorin^s, or covered with the 
land of toppings that go with pizza. 

The Navajo Nation OkdcB, meeting in Window 
Rock, Arizona, has voted, 42 to 11, against chang- 
ing the 160,000-member group’s name to Dine 
(pronounced dih-NEH) which means “the People" 
in Navajo. Supporters of the change argue that the 
word Navmo was thought up by outsiders — 


and trodt-reuial companies are using computer 
tedmt&JCT to set prices continually, based cm up- 
to-the-hnsnte information on demand f or th tar 
products.^ This aflows them to serpriocsnmdiinore 
efBoendy »ban they ever could with penefl and 
paper. Tte downside is that some customers resent 
L “It causes consumers alot of unnecessary stress 


Zab, pscrident of ihe council preposed the change. 
.A presidential spokesman said, “The meani n gs 
would rang! from thieves’ and ‘raiders’ to ‘knife’ 
to "people with large planted fields,’ depending on 
winch origin you choose to believe in." 

“Why do teenagers think Bearis and Butt-head 
are famy?" So asks a reader d Joel Achen bach’s 
“Why Things Are" column of The Washington 
Post For those who do not watch cable television, 
these animated cartoon characters are a pair of 
pimple-faced, foul-mouthed 14-year-old boys. 
“That’s the whole gimmick," Mr. Acbenbach says. 
“They are repulsive, inarticulate, stupid, nihilistic 
losers. Finally, a couple of characters ou TV that 
most adolescents can relate to!" Most TV teen- 
agers are “beautiful glib, athletic, convertible- 
driving" rich kids “played, of course, by 24-year- 
old actors and actresses. Real kids usually can't 
meet that standard." 

Arthur Higbee 


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in the spring of 1992 were estimat- 
ed, at S500 million, the Convention 
and Visitors Bureau said. 

Before the earthquake, the re- 
gion had been anticipating a strong 
2.6 percent increase m tourism rev- 
enue as the economy strengthened 
and memory of the riots, fires and 
rains diminished. Now, if the sur- 
vey pans out, the city will end up 
with a loss of tourist revenue of at 
least 1-5 percent. 


And there is more bad news: Los 
Angeles will probably not be the 
only place where tourism suffers 
because of the earthquake. 

State officials expect the earth- 
quake to have an aftershock effect 
on tourism throughout California, 
the top tourist destination in the 
United States. Tourism is the sec- 
ond-largest- industry in California, 
after agriculture, bringing in S54 
billion a year. 


ESCAIK 


In Paris 
left bank 


SALE 

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8, rue de Sevres, 

Paris 6th 



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EVTERNATTOIVAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 29-30, 1994 


A Quieter Dispute on Bosnia 

France and U.S. Tone Down, but Gap Is Wide 


By Thomas W. Lippman 
and John M. Goshko 

Washington Pm Service 

WASHINGTON — France and the United Stales 
have softened the tone of their squabble over the 
fighting in Bosnia-Herzegovina, but they appear no 
closer to bridging the gap between them on how to 
stop the carnage- 

Behind the statement and coumerctatement. charge 
and countercharge that have filled the air for a week, 
(he two nations are by all accounts locked into their 
positions, France wants unequivocal U.S. action in 
Bosnia and the United States is unwilling to take any 
new initiatives, military or diplomatic. 

U.S. officials said the public wrangling between 
France and the United States reflects French frustra- 
tion over a military situation in Bosnia, marked by 
new shelling of Sarajevo and continued Serbian refus- 
al to permit a scheduled rotation of United Nations 
troops at the town of Srebrenica. 

Coupled with reported military gains that appear to 
have stiffened the unwillingness of Bosnian Muslims 
to accept an unfavorable political settlement, the situ- 
ation on the ground "has made the French feel that 
lime is running out,” a State Department official said 

"There's a whole lot of European agony going on 
right now," the official said, because the momentum 
appears to have shifted away from a negotiated settle- 
ment and no end is in sight. 

Secretary of State Warren M. Christopher said 
Thursday the United States remained "quite pre- 
pared" to take part in NATO-coordinated air strikes 
for limited objectives, including opening the airport at 
Tuzla, as was agreed at the NATO summit meeting 
nearly three weeks ago. 

But air strikes are not imminent. U.S. officials said, 
because UN co mman ders in Bosnia have not yet 
submitted plans for the air strikes that NATO units 
would be called upon to carry out. 

At the same time. France "pleaded for the United 


States to take a stronger role in achieving a negotiated 
settlement to the conflict in the former Yugoslavia, 
while denying that it was seeking an international 
agreement that would force the warring parries in 
Bosnia to accept a settlement. 

The United Suites regards a three-way partition 
devised in negotiations at Geneva as unfair to the 
Bosnian Muslims, who in the U.S. view are the ag- 


U.S.-French tensions boiled over earlier this week 
when Mr. Christopher, at a meeting Monday in Paris, 
rejected Foreign Minister Alain Juppe's proposal for a 
joint diplomatic initiative. 

"We want to discuss the plan with the United 
States, to say, OJC, there are dungs you don't like in 
it, let’s sit down and see bow we can change it, with a 
view to getting a common position,” Jacques An- 
drisani. the French ambassador, told reporters Thurs- 
day at a hastily arranged meeting to explain the 
French position. "Then we would have a common 
United Siates-European plan, not to impose on any- 
one, but to work from." 

Bui the United States is uawzUiog to join France in a 
new diplomatic effort, a senior State Department 
official said, because "we're not convinced that the 
French have come up with a strategy that can achieve 
enduring results." 

Every time France talks about renewed diplomatic 
efforts, “it really means put the squeeze on the Mus- 
lims," which in the UJS. view is "unacceptable," the 
official said. 

Mr. Andreani denied that France's public handw- 
ringing over Bosnia, where it has more than 6,000 
troops, was aimed at "lining or trapping" the United 
States into sending ground troops to police a settle- 
ment in Bosnia. "We know there is no chance that the 
United States will send ground troops," he said. 

But a State Department official said the real prob- 
lem was French frustration over its inability to get the 
United States to shoulder mem; of the load or to find 
its own way out of the Bosnian quagmire. 



Trust Us’ on Policy, 
Russia Tells China 


QatpUed by Our Staff From ttspmdta 

BEIJING — Foreign Minister 
Andrei V. Kozyrev hailed a new 
partnership with China on Friday 
and said that Moscow would not 
fundamentally. change its foreign 


icrefonnpobcies, 

cul tore, are going ahead and w Jibe 

de §J^d, “I see no dWjNjj^ 
Mr. Kozyrev, after bis mlfcs m 


1*11. — - — _• _ «7_ 
prij mg with Resident Jiang Ze- 
min, said the two comma had 


*T welcome heap from the West,” 
he said. "But -I will not listen to 
their kssons and lectures." 

Mrr Kozyrev said he could un- 
derstand foreign countries’ con- 
cerns about recent political devel- 
op merits in Russia. He was 


BOSNIA: Briton and 3 Italian Journalists Are Killed 


Continued from Page I 
UN convoys after beating or shoot- 
ing and wounding their Bosnian 
police escorts, forcing the tempo- 
rary closure of a key aid route in 
central Bosnia. 

"If this kind of thing continues, 
we won’t be able to operate.” said 
Ron Redmond, a spokesman in Sa- 
rajevo for the UN High Commis- 
sioner for Refugees. 


Seeking Marcos Gold, 
Swiss Come Up Empty 

The Associated Pros 

MANILA — Swiss authorities 
searched a warehouse near Zurich 
airport after reports that Ferdi- 
nand E Marcos stored a fortune in 
gold there but found nothing, offi- 
cials said. 

The Philippines requested an in- 
vestigation after a private investi- 
gator said on British television last 
week that Mr. Marcos had stored 
more than 1 ,200 tons of gold worth 
more than $125 billion at the duty- 
free area next to the airport. 


In the attack on the three British "1 said 1 was tired,” General Bri- 

d rivers, the abductors, carrying quemont, a Belgian, told Belgian 
Kalashnikov automatic rifles, radio. "Perhaps they are tired, too. 
drove them out of town and then They always talk with the same 
told them to get out of the car, UN people. They have a plan; it's diffi- 



officials said 

"They were told to kneel," said 
Larry HoUingworth, of the UN 
high Commissoner for Refugees, 
in Zenica. "One of them was shot 


cult to change one’s plans or opin- 
ion. Perhaps it would be better with 
new negotiators.” 

The European Parliament urged 
the European Union earlier this 


through the bead; the others were month to replace Lord Owen, their 


shot while they tried to run away." 

LIN sources in central Bosnia 
said the attackers were believed to 
be a group of Muslim bandits. 

Prune Minister John Major, af- 
ter meeting with the European ne- 
gotiator, Lord Owen, said he was 
"profoundly shocked and dis- 
tressed" by the attack. 

The attacks against foreign-aid 
workers and atrocities against civil- 
ians underscore the divisions with- 
in the international community 
about what to do about the war. 

In Brussels; Lieutenant General 
Francis BriquemonL, who is leaving 
as commander of UN forces in 
Bosnia, called Friday for the re- 
placement of Lord Owen and the 
UN negotiator, Tborvald Stolten- 
bog. 


representative in the Bosnian peace 
talks since September 1992, but EU 
leaders gave him their backing. 
There were increasing signs that the 


A Bosnian Serb soldier near Bosnian town of Lopare training to use an anti-aircraft rocket launcher. 

Belarus Picks a Pro-Russian Leader 

Retaen would retain the neutral stance, riven the presence of 

tmicv n_i ti t:- i j Ann n < . _ . cr r 


polity despite interna] pressure to ^^X.^otnic links should 
undergo profound change," Mr. torn ties for cooperation snout 

ZSSSSSSESns 

continue with domestic reforms to a new level, Mr. Kozyrev saia. 
and was counting on "Western aid. “What we are working towarc now 
Bat he naerted Western “lessons is » constructive paiper^^. 
and lectures” on how Moscow Mr. Kozyrev is ^ 

man*p its affairs. official from Moscow to visit dBj~ 

T-wcSefadp from the West,” ing since the Rusaan etoempre 
he said.- "Bat -I. will not listen to anewvcacetouitranatwnalistsana 

tfarir lessons and lectures.” ' conservatives. . : , 

Mr. Kozyrev said he could urt- Echoing Chinese statements, mi. 
derstand foredgn countries’ con- Kozyrev said his goven^ent 5 
cams about recent political devet- ' chief goal was stability m roe for- 
opmehts in Russia. He was mer Soviet Union. . 
referring to the recent resignations "What thcWart i ssay rog awn 

of refonneas from the government Russian Ttemmperia Hgn js aimed 
and the success of uftranatkraalists at diverting people from the real 
in legislative elections last month, problem, vmich js how Russia and 
"Bat you most trust m,” tire for- the Commonwealth of Indepen- 
ci gn minister said, because Presi- dent States can m aintai n stability, 
dent Boris N, Yeltsin “is protecting he said, 
the reforms.* 1 His message to his hosts was a 

But frwiner Finance Minister Bo- clear assurance that no matter what 
ris G. Fyodorov warned that there happened internally in Russia, 
mi ght be mrinriis of "disastrous Moscow would continue to seek 
polities” asthe government stalled better ties and posed no th reat. 
on the economic reform process. As for the effect of Moscow s 
He added, however, that over the recent cabinet changes on Russian 
tongBrtenmft would prove Impossi- forego policy, Mr. Kozyrev said, 
We to halt the momentum toward a "The only change will be for the 
maricet economy. better” 

“In the medium lean, Tm an He repeated Russia's invitation 
optimist because no one rum stop Mr. Jiang to visit Moscow tins 
the reform process in Russia,” he bot no date was announced, 
said. “But we could have several Mr. Yeltsin visited Beg ing in De- 
months of disastrous policies in the cember 1992. 
short term.” Later, Beijing state radio report- 

Mr Fyodorov, who resigned 

from the government this week, 57 6 W* 1 ** * bilateral trade with 


ris G. Fyodorov warned that there happened internally in Russia, 
mi ght he mrinths of "disastrous Moscow would continue to seek 
policies” as the government stalled better ties and posed no th reat. 
on the economic reform process. As for the effect of Moscows 

He added, however, that over the recent cabinet changes on Russian 
longer term ft would prove forego policy, Mr. Kcrarcv said, 

We to halt the momentum toward a "The only change will be for the 
maricet economy. better.” 

“In the medium tern, Tm an He repeated Russia's invitation 
optimist because no one rum stop Mr. Jiang to visit Moscow this 
the reform process in Russia,” he W but no date was announced, 
said. “But we could have several Mr. Yeltsin visited Beg ing in De- 
months of disastrous policies in the cember 1992. 
short term." Later, Beijing state radio report- 

Mr. Fyodorov, who resigned 

from the government this week, 57 6 * bilateral trade with 

made his remarks at an interna- Russia last year was only 4 percent 
tkmal gathering of bosiness leaders of China s total foreign trade and 


MINSK, Belarus — The Belarus parliament elected 30,000 Russian troq 
as head of state Friday a conservative determined to “Belarus is an ind 
align his country closer to Russia. said. "Neutrality is a 


idem, sovereign country," he 
cult question. Foreign troops 


in Davos, Switzerland. did not meet the potential between 

- w . . . %n - rtmr . the two countries. 

S5 Mi. KoiyiCT pushed tori for 
Aksasder K. Zaveryukha, seen by better economic Knocking Ras- 
redkal^ref^asanaiT- SmutotioninS^ 
^ of Sowet-a^e economics, praec^^ 

charged Am the mass media were „ 


Mechislav Grib, 55, succeeded as chairman of par- are toremain on onr territory until the year 2000.' 


fighting will get worse in the region, liameni the ousted Stanislau S. Sbushkevich, who for Mr. Grib was backed by parliament’s conservative 
Bosnia’s Muslim-led government two years pressed for Belarus's neutrality and for Belarus faction, which accounts for 130 of 345 mem- 
accused Croatia of contributing to ra P*o economic reforms against opposition from bers and calls for a confederation between Belarus and 


cnargpa inai me mass mcaiu were ne two tides signed an agree- 

rdtorrns m d * wd °P in 8 border trade, 

members and insisted that reforms provisions that would 


accused Croatia of contributing to ra P ,a eronom 
an escalation of fighting by sending conservatives, 
in thousands of soldiers. It urged * var ? Bamta 


Russia. 

in thousands oflSdiCTs/ lt'urged Ivan Bambiza, head of the parliament’s doctoral It also wants the introduction of a presidential 
the UN Security Council to stop commission, said Mr. Grib received 183 votes in a system and hopes the country's conservative prime 
what it called (men military biter- nrnoff ballot to 31 for Mikhail Marinich. a former top minister, Vyacheslav F. Kebich, win be the first to 
vention by Zagreb. ' Communist and mayor of Minsk hold the post 

Bosnian Serb Armv sources 00 Mr- Grib said at a press conference after his victory Parliament voted last year 10 join a Russian-led 

the other hand, said Bosnian eov- *** country’s foreign policy remained unchanged, defense pact of former Soviet republics. Mr. Shnsbke- 
emment tmow were maunne i in but that friendship with Russia was a priority. rich vigorously opposed it for mouths until finally 


would continue as before, ' £££12 

"The government will not allow the frontier, 
hyperinflation,” he said. "Econom- 


m»lfe it easier for people to cross 


(Rewers. AFP, API 


vention by Zagreb. 

Bosnian Serb Army sources, 00 
the other hand, said Bosnian gov- 
ernment troops were massing in 
parts of centra) Bosnia in prepara- 
tion for a fresh offensive against 
Serb-held towns. Belgrade-based 
news agency Tanjug reported. 

(Reuter* AFP, AP) 


hold the post 

Parliament voted last year to join a Russian-led „ . 4 .. , . ... ,, . 

defense pact of former Soviet republics. Mr. Shnsbke- Conttawd from Page 1 . yrooldw^ to defaidS^l Korea 

rich rigorously opposed it for months until finally would be permitted to see if they m case the N orth la shed out m 
— “T way, alienating his few liberal allies in return to North Korea soon, after re ?£”f c IS “* . . 

ML being barred for more than seven . 

1 government has also agreed to merge the two months. batten® womd be placed ^ouna 

ties’ monetaiT systems. Mr. Grib is due to work The agency, an am of the Unit- 

oal details of tte accord Mxt week during a viat ed Naticras, ras said that it wfll not 5SLS2 1 ® • 

i^N^v^aOK^oorndm. n^&a Noith Kora onr 

• : designed to protect those turfickfa, 

_ • C* m ' ■ ' ■ and some South Korean ports, 

fit" ft Sll linni v i' ’ fromSradmh^attadtlw^ck- 

» aiippun 

efforts to sutvct the North's trade- ' But^he of the TT S 

aid has not moved from emergency relief to ar states would be hampered. - 

SsSatt fissasas 

SSSSs 

ssssS'ei.sasss: - 

Afterward, Mr. Saddam crushed the guerril- £ seoonty£ said a so- 
las. In the ensuing confusion and (iisi^u^m^ tinne in the United Nations Securi- Korean officiaL “Aid 

mem, a secOTdlwvement - the Patriotic ^ Unite d Nat »iis Seam- we don't want to send a message 


PATRIOT: Pyongyang Warning 


Mr. Shushkevich, who established Belarus's official giving way, alienating his few liberal in 
policy of neutrality, had struggled for two years parliament 

against conservative deputies and cabinet ministers The government has also agreed to merge the two 
wno saw little point in separating from their Russian countries’ monetary systems. Mr. Grib is due to work 
neighbors- out final details of the accord next week during a riat 

Mr. Grib gave no commitments on whether he by Prime Minister Viktor SL Chernomyrdin. 


NEWS EVENTS WHICH COULD AFFECT 
YOUR LIFE 


Once-Jilted Kurds Seek West’s Support 


Confined from Page 1 would need to defend Strath Korea 

would be permitted to seoif they case the N orth lash ed ool in 
return to North Korea soon, after to the sanowns. 

being barred for more than seven - ^ 

batteries would be fdaced around 

TteagcnCT-miinnottheUrii- 
edN^SsaidthatitwfflSi 
nitrate with North Korea over 

wlm sites it needed to visit to ccrti- ?“?■ msta n an a i s wotm oe 

z mnJSTsESTEPS 


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By John Daraton 

New York Tunes Service 

SALAH AD DIN, Iraq — Massoud Barzani, 
the Kurdish leader, was seated on a couch in his 
mountain headquarters, a coflection of villas 
originally intended to allow President Saddam 
Hussein's relatives to escape Baghdad's sum- 
mer beat and his deputies to enforce his will in 
the mutinous north. 

On the wall above Mr. Barzani, a small, 
stocky man of 47, was a tapestry depicting his 
i father. Mullah Mustafa Barzani, whose name is 
practically synonymous with Kurdish national- 
ism. 

As the guerrillas of the younger Barzani pul 
down their Kalashnikov rifles and relaxed in a 
corner, he explained over glasses of sweet tea 
why the autonomous region of Kurdistan de- 
served Western support 

“Here you have the foundation of a demo- 
cratic experiment right in the center of the 
Middle East,” he said. “We are an example for 
the people all around — not just Iraq but Iran 
and othCT neighbors. The United States and the 
European countries have a political and a moral 
commitment to protect the Kurds until there is 
a secure situation.” 

Mr. Barzani learned English at the bedside of 
his father, who died of cancer in the United 
Stales in 1 979. That year, Mr. Barzani. who had 
joined the guerrillas in 1963. was elected to 
succeed his father as president of the Kurdistan 
Democratic Party, which embodied the nation- 
alist movement. 

As the bead of the party and leader of the 
Barzani clan, he is at die center of the Kurds' 
effort to carve out a viable autonomous region 
in northern Iraq. The birth or the movement 
followed decades of brutal repression by Bagh- 
dad. 


An abortive uprising on March 4, 1991, four 
days after the end of the Gulf War. aroused the 
consciences of people around the world, who 
saw photographs of starving and freezing 
Kurds fleeing across the mountains to Turkey. 

The mountain headquartent in Salah ad Dm 
serves as a base for resistance to the Iraqi 
government. It includes a bunkered television 
studio for the surreptitious work of the Iraqi 
Broadcasting Co., whose 15-hour-a-day broad- 
casts — including slapstick parodies of Mr. 
Saddam's speeches by a bloated look-alike — 
reach some 6 million people. 

Mr. Barzani has a formidable reputation as a 
military strategist and as a powerful figure who 
inspires devotion among his followers. He has 
survived one assassination attempt — in Vien- 
na in 1979 — and says he expects others. He has 
lost 3 brothers and 37 other relatives to (he 
battles with the Iraqis. 

"We are a people who faced genocide and 
managed to survive," he said. 

For the Kurds, whose agitation Tor a home- 
land has been an international issue since 
World War l the autonomy movement feds as 
if it b banging by a thread. Security is guaran- 
teed only by daily flights of allied warplanes 
from the Turkish base at InrirHk and the pres- 
ence of a small contingent of American, British, 
French and Turkish military observers in the 
town of Zakho. 

The program enforces a flight-exclusion zone 
for Iraqi aircraft above the 36th parallel pro- 
riding a dome of shelter for the nearly 4 million 
Kurds. 

The problem for the Kurds is that the mili- 
tary operation is renewed only on a six-month 
basis. 

"Although the Kurdish issue doesn’t hit the 
headlines anymore, Kurdish suffering is still 
continuing,” Mr. Barzani said. "International 


aid has not moved from emergency relief to ar states wontd be h am pered. «. 
re^tex^^de^opmeru.” Although American and Sou 

ho5S KoKan officials have not set 

happened m 1975, when the United States, deadlirtoforanajEreementwiihtl 


o, -J’ , — -> — ««nu uit Lic mimai iflui 

hinted m recent days that unless Zone, 
the isaie was^rrattived when the "Ourfearis tharit could drca 
SS C S2!! ai *S? a Sl^ aovcoiTOxncet false sense of security,” said a se- 
on Feb. ^ (bey could seek sane- mor South Korean official. “And 


Union of Kurdistan — was formed by Jala! 
Talabani, a lawyer. 

At tunes Mr. Barzani has exchanged h is tra- 
ditional outfit of baggy trousers and loose jack- 
ets and red-and-whiie turban for a Western suit 
for trips to Washington, but the memory of 
betrayal hangs heavy. During the Bush admin- 
istration, he met with Brent Scowcroft, who was 
then the national security adviser. 

"He said that what happened in ^5 was 
shameful but that it wouldn't happen again,” 


tions in the United Nations Securi- we don’t want to send a message 
ty Council. • that we think tensions have risat 

General Lock has included the that much.” 

Patriots in a list of equipment he DAVID EL SANGER 


DE KLERK: lighting the Odds 


istratKm, be met with Brent Scowcroft, who was ' CboftiBed from Page 1 many votes for Mr. de Klerk and 

then the national security adviser. • „ _ _ his Natrona! Party. 

"He said that what happened in 75 was traray and to house. ^ Soon after Yet the president 
shameful but that it wouldn't happen again," dep ^ edjt fe tar ^ ts r here anyway, detennin^lm^EI! 

Mr. Barzani said. “This turn «onn \LJsqmto 
Congress, everyone knows of the commit- settfement to safety by thepo- townships and ruradtvillaecs 
meat -" , . throughout South Afri ca 

For the Kurds, oddly enough, Mr. S ad dam , TEP' He has no choice? Blades wfll be 

though haled, serves as an m<nnn» nrfirv reporters asKec one' — Simon Ma- nhfc tn wn. tiu. b_- it 


Yet the president campaigns 


congress, everyone knows of the commit- 
meat." 

For the Kurds, oddly enough, Mr. Saddan^ 
though haled, serves as an insurance policy. 
Their nightmare is he might one day be 
replaced by someone las objectionable to the 
countries that are protecting the Kinds, but 
who may nonetheless resume the effort to crush 
them. 

To forestall this, Mr. Barzani, who is one of 
the three leaders of the overall opposition group 
called the Iraqi National Congress, joined a 
delegation to meet Clinton administration offi- 
cials. 

"Washington told us they will only support a 
democratic alternative, not another dictator” m 
Iraq, Mr. Barzani said. "This administration 
was much clearer on this point.” 


He has no choice? Blades wfll be 
aMe to vote the first time ih^ 

S su PPOTtwg April . 27-29 elections, and they 

the National Party. make im ^ , — T 


"Because,” he replied, puffi 
out his chest, "they gave me a j 
laying bricks.” 


make up thre^quarrers of the pop- 
ulation. According to an indepen- 
dent poll pftbfisied; earlier -Jhiy 
nxmm, the National Party , would 
win 1 percent of their votes. 


South Africa’s first democratic win 1 percent of their votes, 
electron is still three months away, Mr. de Berk claims that he has 
but tee early campaigning has ak much more “hidden” hl yfr sup- 
ready made a hash out of demo- port, but that it is too frightened to 
cratic values, espe ci ally in places express itself — to pollsters, nrigh- 
where this country’s culture of in- bora or anyone dse — bwntf the 
tolerance collides with its pdfitics ANCoootiotted areas have a histo- 


’ if**" 
I 
1 
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FOOTBALL: For NFL*s 3- Time Losers 9 Plenty of Qwracter-Builclmg 

Continued from Page 1 lower. Yet, incredibly, it’s the Bills convenient symbol of much that quarterback Naimc to grasp, ax last 


Of desperation. . iy of utimidating people who do 

The flash point comes m places not tow the ANCfine. 
Hke H laj anfthalg . a squatter settle- - ‘Thafs-om bifflest proWftu in 
tom. 100 Ifilqmetera (60 mfles) east black areas,” saidto Milk Mr. te; 
of Pretona, where there are no jobs, Klafs campaign cooitfinaior for 


. iy of intinridatir 
t comes in places not tow the AN< 
; a squatter settle- - - "Thafs- cor bi 


’em? Why the Cowboys, wbo who seem the more dignified team was wrong with rich, spoiled mod- 


whomped them, 52-17, last year. 


At the Super Bowl level, we arc all week about deserving more . . _ ___ 

never going to see anybody riding fame, then forgot his helmet crace was out with Magic [Johnson] and played great the last two wo 
higher meeting anybody riding the game started. Thomas became a Michael [Jordan] last night People Thai’s why Tve played weH” - 
. . _ . - — , just stare at them. I don’t think I Jimmy Johnson is 20 years ol 


Two years ago. when be carped era athletes. 

! week about deserving more Now the Bills’ runner says: “I 


that his fate is in tee 
line. "Pre ssuri ng the q 
tee NFL,” he said. 7 


ids of his 
erbadtis 
line has 
o week & 


CARR'S 


BUSH 

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Return yaur 

IHr -’‘ , ^S.T36S7Q6 S l 


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could take it. At least it would be 
very hard." 

Tm not really recognized in the 
world. You'd think I was just some 
guy from UPS.” 

Once, Thomas was full of fanev 
talk about his place in history. 
Now, he says; "I can’t dream about 
winning. Fve never woo. But I can 
probably dream about losing.*' 

Some never thought they would 
see Bruce Smite make fun of him- 
self . Asked about a television com- 
mercial he matic for potato chips, 
the defensive end said: “I didn't 
know they took so long. They shot 
for 1 3 hours. If I’d had to say some- 
thing. it mig h t have taken two 
days.” 

For years. Levy and Kelly 
seemed intent on hiding any vul- 
nerability. Now, Levy isn't pi cking 
fights whb the press. The Bills’ 
coach jokes that he is enjoying him , 
seif so much that he may coach as 
long as Amos Alonzo Stagg. 

Kelly may finally be abandoning 
his Mr. Superstar mentality. The 


Jimmy Johnson is 20 years older 
than many of the Bills, but he 
seems almost unformed compared 
with them. He had the usual rocket- 
booster of a hard- knocks childhoo d 
to give lam superhuman motiva- 
tion and willpower. That’s stan- 
dard among great athletes. 

It is usually defeat, however, and 
the response to it, that defines an 
athlete as an adult. Johnson has nor 
lost enough yet to be interesting. 
He’s a shamsh oddity — a man 
who still dings to adolescent delu- 
sions of invincibility, long after 
they’ve been beaten out of every- 
body dse. 


no running water, no dectridty, no tins region. “Our supporters arc too 
paved roads and, apparently, aot afraid to come outm the open.” 

SAUDI: Deal Could be U.S. Boon 

Cmfinnerf from Page 1 In a depressed aircraft market, 

tacts in Saudi Arabia. When the the company has had few takers for 


tacts in Saudi Arabia. When the thecampair 
announcement is made, H -ft the - the MD-90. 
Saudis who want to make it, he “That w 


“Thai would certainly ensure 
jobs at Long Beach,” said John 

rf • ™“*“ » 
"Hie prciidcnl visited Soaog's Oom 3SXH0^^S9 to-lLIHXtaaw 


*iS ■“ ■ 


us nor ing on tire healte of the airGne 
rating, industry last winter, but the adrain- 
i man istratkm’s focus recently has been 
t ddu- on Long Beach, California. That ft 
l after where the Douglas Aircraft subsid- 
ewery- iary of McDonndl Douglas mann- 


Mr. Clintons dectkxu has spurred 
the administrations desire to bol- 
ster job growth there. 

Industry observers said they be- 
heved Mr. C&xttcn and Commerce 


caj- Miy oi mcjuonneu jjougias maim- ««. vmuon ana tJonunerce 

°°°y . fastens tee MD-»), J&-ii and Secretary Ronald H. Brown, who 
"I try to have our piayera border the new MD-90. which, is urafcrao- Saute Arabia twice in 
on ovwxmfidence every week — ing certification. • . t ^““®te^w^.teedea^h^ 

almost to the point of being Saute Arabia needs aircraft of all ® cru P^ oos mmaking the case for 

cochr” said Johnson, who shat- sftes, and MD-lls are bdleved to i ™txaiMBade- maafi , xaffi E W» t 
terra the coach’s code last week, by be under ctmaderation for pan. prcferctKe fer Bodng w hfcDoii- 
predkung that his Cowboys would chase. r adl Doi^as.' But they also point 

beat tee 49ere soundly. Cockiness But perhaps more important for Oatteat tee Saudis wodd recoSe 

is not a problem, he said, "unless a McDonndl JDongtft are sieges- ^pofitk^importaTO^ Cfflx- 




beat the 49era soundly. Cockiness But perhaps c 
is not a problem, he smd, "unkss a McDonndl Do 
problem of complacency goes twos that the 1 
along with it.” gjoc, 150-seal 

To these Cowboys, haring an at- live consider! 
tirade is like breathing. ' Arabia’s shorf-hi 


mi* 

tj .A t .ifcV » 


ito mat me mlu-jaj, a two«i- 
gpw, I50*eal aircraft, is undcrao- 
live consideration for. Saodi 
Arabia's short-haul needs. 


T ^ > ^ x 1 ® I p WI1 s J%; McDtemeE 
pougbts had afoot mthedow,”an 
iateuy analyst , said. v - 


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Page 5 


Vietnam 
Praises 



On Trade 


HANOI — The Vietnamese gpv- 
eramem welcomed on Friday a 
U.S. Senate vole in favor of lift™* 
the 19-year-old U5. economic em- 


- r r ; ~‘ . — *«* u» wnsmamese 

foreign Ministry called the vote “a 
poarive gpstnrc that corresponds lb 
international reality and the wishes 
of the American people.” ■ 

The Senate voted, fi2 to 38; in 
favor of lifting, the. sanctions im- 
posed on trade with Vietnam since 
the end bF fi»- Vietnam War in 
1975. 

U.S. business representatives m 
Hanoi exploring economic ven- 
tures also praised the nembindine 
vote. 

“It means the president's got the 
cover he needs if he wants to lift the 
embargo” said James Rockwell, a 
U.S. consultant ’ 

"This tomcisanabsohudydear 
sign that the president has no prob- 
lems stepping out oh ibfa issue.” 

Some predicted that President 
BUI Clinton would lift the embargo 
next week, giving Vietnam a special 
gift for the let Lunar New Year 
holiday that starts Feb. 10. 

“My sense is that rtTl probably 
happen before Tet," said Kathleen 
Charlton, managing director <rf 
Ashta International, a Hanoi- 
based U.& investment firm. - 

Under existing embargo rules, 
Tdaxed bverihe part 13 months by 
Mr. Qinton ana his predecessor, 
George Bush, American compa- 
nies may open offices and sign con- 
tracts that would be carried out 
after the sanctions are fitted. 

But it prohibits a wide range of 
trading, and American companies 
have been pressing for an end . to 
what they see as outdated restric- 
tions that harm them more than 
Vietnam. 

U.S. companies are expected to 
expand their activities in Vietnam 

< *Baak of America*^ Gtijyaok 
which have representative offices 
here, might seek branch status, Ms. 
Chariton said. 

Boeing, which has held talks with 
Vietnamese airlines, might benefit 
with quick orders for aircraft, she 
said. ... ‘ •. 

The Vietnamese depoty foreign 
minister, LeMai. said fast week 
that the embargo was a domestic 
American affair. 

. He contended that Vietnam had 
already cooperated fuliy in ' trying 
to resolve the issue of 2J238 U.S. 
soldiers missing in action in indor 
china. ~ 

The MIAs nanam the final ob- 
stacle to the Kfung of sanctions- - . 
• . t {AFP, Retdmi 



-..J 

AiteTiH^lnim 

THAI CRASH KELLS 2 —The body of one of two passengers killed amid wreckage at a station 
outride Bangkok. Dozens were injured Friday when a train dammed into a stationary tram. 



. Agence Fmnee-Prtase 

HONG KONG — China ruled out Friday any fresh 
talks with Britain on Hong Kong’s new airport unless 
London accepts its interpretation of a 1991 agreement 
on the mammoth project 
Ln Ping, director of the . Hong Kong and Macao 
Afiairs. Office, stud a reference to “government debt” 
. in the September 1991 pact includes debt to be raised 

S t two independent — but government-owned — 
ring Kongcoiporations. 

• Until Governor Chris Fatten concedes on that 
point, there can be no further talks on the $203 billion 
Chek Lap Kok project, Mr. Lu told Hang Kong 
xeparlera in Beijing. 

Mr. Patten, meanwhile, denied a surprise daim by 
Mr. Ln, made the day before; that Britain and China 
had reached a secret “diplomatic understanding” on 
the airport when the 1991 themorandnni of under- 
standing was negotiated. 

• “There was not a secret deal whatsoever — not a 
whole sccpeLdcal, J*ot half a secret deal, not a quarter 
bf asocitt deal[, i«H andgjnhofa secret deal,” be said. 


proposals 
ius cabinet 


“The agreement between Britain and China is the 
agreement that was published in the memorandum of 
understanding," be added. 

Mr. Patten also revealed that new airport financing 
were being prepared that would gp before 
. cabinet He gave no details. 

Chek Lap Kok, which is designed to replace Hong 
Kong's congested inner-city airport, is supposed to 
open in 1997, when the British colony reverts to China. 

But progress on its financing arrangements have 
been overshadowed since 1992 by a hitter dispute over 
Mr. Patten's push for more democratic political 
institutions. 

Pending a breakthrough, the government on Friday 
got 1.67 billion Hong Kong dollars ($216 million} in 
stop-gap financing from the legislature to keep work 
going, which also annoyed China. 

The Chek Lap Kok project includes not only an 
airport, but also major new road works and bridges, 
extensive land reclamation and a high-speed rail link 
with central Hong Kong. 


UN Mozambique Force Accused of Child Abuse 


ConpHed by Oar Staff FromJHspafcSa 

MAPUTO, Mozambique — ■ A 
Norwegian aid agency has accused. 
Italian soldiers in the United Na- 
tions peacekeeping force here of 
iiaiig children as young as 12 as 
prostitutes. 

Poor gills werit at night from 
room to room in a hotel boosing 
UN staff in Bora, Mid. the Redd 
Buna agency. Noways 
zatives of the Save the 
drive. 


bv Rome, Defense Minister Fa- 
bio Fabbri dismissed the . allega- 
tions an Friday as “baseless.” 

“I sp<*e this mooting 

whb our . ambassador in Maputo 
-and wife the 'comnmndex of fee 
Albatros contingent," he said. 
“They confirmed feat tbe hypothec 
. sis of ItaHan in vcAvement is with- 
out foundation.” 

The accusations were made in a 
. letter sent tm Wednesday by Ernst 
Scbadc, Redd Barna!s mission bead 


in Mozambique, to the Internation- 
al Save the Children Alliance head- 
quarters in Oslo. Reuters obtained 
a copy on Friday and Mr. Schade 
confirmed its contents. 

Mr. Schade said the abuses in- 
volved the Italian Albatros con tin- 



peace pact that ended 16 years 
civil war. The abuses began when 
the unit arrived last May, he said. 
It was not known if the UN spe- 


cial representative, Aldo Ajelio, 
had seen the letter. But be told 
reporters at a news briefing, when 
asked about earlier reports of mis- 
conduct, that he expected a full 
report within two weeks. 

“We wifi dean up the house and 
repatriate immediately anyone in- 
volved in this unacceptable behav- 
ior,” he said. 

“1 don’t want these kind of 
things in my mission said Mr. 
Ajeuo. who is 1 talian.f Reuters >4/71 


CROCKED POLITICS ? By Alex K. Justin 


' ACROSS 
t Monn's • 
alleged poisoner 
8 In jeopardy 
15 Icty-bitsy bits 
20 Part-time 
reporter 
2T Stimulate 

22 Text for public 

reading 

23 Election pledges: 

25 -Mefiwofele* •, 
. ... composer . 

26 Noted . 

Washington 

couple 

27 Oilstone 

28 1982 World 
Cup site .. 

29 Place for props?. 

30 Talked into 

31 Lapwings 

55 Joseph Smith’s- 

’ gP-, 

34 Tittle 
55 Comeback 
. victor of 1974 
36 Daffy Duck’s 
voice 

57 Reason for 
sudden death 

39 “LrCoq ‘ 

40 ThfiWildMan 

■ -of Africa 

41 Termite's 
medium 

45 Election victory 
" celebration? 

49 Last place? 

50 Rockefeller and' 
others 

52. Not playing- 

■ around. ' • . _ 

5J£nd of — — ■ 
54 Former French 

r ' -Sudan 


55 Subject of the 

. movie “Sweet •• 

; Dreams" 

56 MossofiaTs 
son-in-law 

60 Political 

therapists? 

. 63 Hobble . ■ ■ 

• component 

64 Winston Cup ... 
sponsor 

~ 65 Goldsotnce 

66 Lawyer . 
Dershowitz 

66 Highest degrees 

69 With 

- 74-Acrosv _ - 
devious skifi m 
politics? 

74 Set 69-Across 

78 Ford’s press 
secretary 

79 La ae-LerraerV 

-On. Day" 

80 Words from- 

- - Caesar 

81 InformaKty 

83 Beer hugs 

84 Louise or 

_• Victoria 

86 House whips? 

93 Brn-fiy 

. 94 Warlord m the 
WWS .- • 

95 off (beside 
oneself) 

96 Actor Delon 

97 Triathlon 
athletes 

99 English 
composer 

101- Excite 

182 Prosperous 


107 “Give it J* 

1IJ8 Social hanger-on 

109 Arctic explorer 

110 Largo, e.g.'. 

112. Gnujjerpf “The 

Virginian" 

113 Comment from 
die byre 

114 Society event 
116- Port^office pone 
118 Meanders .. 

122 Add/ as a rider 
124 Setonfire - 

126 da. capo 

127 “The Frog and 
the Ox" writer 

128 Jaled White TV 
.role 

129 Bowing to a . 

Presidrnria] 

veto? 

132 Contract . 
negotiator 

133 Leader of France? 

135 

136 Mrs. Bpb Hope 

137 Yea votes 

DOWN 

1 Filibuster 

2 Type of conflict. 

3 Roby items • 

4 sense 


5 Highbrow 
.6 Celebrir 


106 Gut response 





Celebrity 

7 Pacific ; • 

8 Air traffic -; 

. controllefs’ jys. 

9 Relative of Win. 
or Robe. 

18 “Home Sweet 
Home" she 

•11 Threo-p«e 
chord 

12 .Point in orbit 

13 Poignant 

14 Annapolis grad. 

.15 Up 

16 “Tummy . 
TroobU 4 
character .- 

.17 Paperwork? 

18 TiSatyof 'Equal 
Tune". 

19 Bracing - 

20 *Qff ypugo! F 

.25 ULA... . 

. i nv e su nems " 

24-Dearie 

29 Mob 

Jl.Gnph ... 

32. Maneuver •- 

. '34 “GO and Ctfdi 
a Faffing Star". 

••• poet • 



' 36 Maverick Idaho 
Senator. 

38 Evaders' enemy 

39 Sews up 

40 See 48-Down 

41 Deadbeat 
.42 Hebrew name 

- mt 

'43. 

She' 

44 Promise 

45 EshkoJ's 
succes sor _ 

46 Soviet dissident , 

. Boiiner 

. .47 Get ahead 
48 Hoodini etaL, ■ 
. with 40- Down 
' 50 Wefl-founded 
51 Nicholas Gage 
• book " 

: 54. Clarke of “The . 

PubL&Enemy* 
55 -Banon one's fip ■ 

57. Handel’s'. 

.* andGahtca" 


58 

59 AJgmanpo; 

61 Middle of a 
famous trio 

62 Saved, with “away" 

64 “ taxes" 

67 Stock holding 
.69 Pouches 

70 Joho Wooden's 
school 

71 Blue in Berlin 

72 Appear before a 
.House 

. committee 
' •73 Dukas hal)rt 

75 duck 

76 Harvest 


77 Director of 
“Breaking Away' 
82 A Chaplin 

84 Brink 

85 — - — of thieves 

87 Take : 

from me" 


88 Oprah’s^ 
production 
company 

89 Jesus, for one 

90 Net Hnincina 
woman's nat 

91 Philenuuolo- 
gist's study 

92 Old knife 

94 ElleAee’s ' 

It Goes" 

98 Salad bulb 

9V Car-front cover 

100 “Fairy tales'' 

101 Music 
enhancers 

102 Sure-enough 

J03 Loose 

104 Hauled 

105 John Deere 
product 

106 Repercussions 


110 Pacific barde 
site of 1943 

111 Herzog and 
Zola 

113 ^allegro 


'114 Pitched 
115 One of nine 

117 Randy’s skating 
partner 

118 Understand 

119 Small helpers 

120 JohnandJane 

121 Rudolf Abel, 

123 Artist Rockwell 

124 "A —'clock 
scholar" 

125 Parch site 

127 Give for 

one's money 
129 Trine 
150 Larin duog 
131 Deal with 


ASEAN Nations and India Warm Up 

Closer Ties Could Create an Important New Regional Axis 


Michael Richardson 

/crmaw.'iwd/ HcraU Tribw.c 

SINGAPORE — .After a long period oi es- 
trangement during the Cold War. Southeast 
Asia and India are developing closer economic, 
political and security ties feat could create ar. 
important new axis. 

Stronger links between fee two regions would 
accelerate Asia’s economic growfe/enhanre its 
competitive edge against the West and proride 
a counterbalance to the increasing influence of 
China, according to some analysts. 

“Whatever its uncertainties, 'a process of re- 
engagement between India and ASEAN has 
begun," said Satu P. Limaye. an Indian re- 
search fellow at the Japan Institute of Interna- 
tional Affairs in Tokyo. 

He said this was now possible because New 
Delhi had ended its Cold War policy of self- 
sufficient socialism and close relations wife the 
Soviet bloc, which he said made ASEAN coun- 
tries regard India as “politically suspect, eco- 
nomical! y unimportant and. at times, even mili- 
tarily threatening.” 

A$EAN. the Association of South-East 
Asian Nations, groups Indonesia, Malaysia, the 
Philippines. Singapore. Thailand and Brunei 

BQveer Singh, political science lecturer at the 
National University or Singapore, said feat 
after fee rapid growth of political and economic 
relations between China and .ASEAN countries 
in recent years, and the equally rapid expansion 
of Chinese military capabilities. China ap- 
peared to be the power feat would “emerge 
dominant in fee region, in the early decades of 
fee 21st century.” 

He said fear to prevent this. India wanted 
closer ties with all countries in Southeast Asia. 


including Singapore, which has the most exten- 
sive links with China. 

India also provides a “'raacrKconomiccoun- 
lerpoim to China" for Southeast Asia, said 
Ranjan Pal. an economist at Jardine Fleming 
Broking in Hong Kong. 

“At a urne when China is increasingly unset- 
tled by corruption, high inflation and too- rapid 
growth. India is enjoying low rates of inflation, 
a recovery in growth and a stabilizing balance 
of payments.'" he said. 

ASEAN, which has a combined population 

Stronger relations would 
accelerate Asia’s economic 
growth, its edge on the 
West, and restrain China 

of 525 million, is in the midst of sustained boom 
after countries in fee area progressively opened 
their economies to foreign investment and trade 
starting in fee 1970s. But rising costs in Singa- 
pore and several other .ASEAN states threaten 
to undermine their competitive edge. 

Since 1991, India, wife a population of 870 
million, has also started to deregulate its econo- 
my. Southeast Asian officials and businessmen 
want to tap India's growth, low-cost labor, and 
fee purchasing power of its middie-dass which 
some analysts say numbers 200 milli on. 

While two-way trade is small, ASEAN coun- 
tries have “seen the immense potential for en- 
hancement" of commerce since India liberal- 
ized its economy, said Ajit Singh. ASEAN's 
secretary-general. 

In an an effort to form what he called “a 


strategic economic alliance with India." Uoh 
Chok Tong, Singapore’s prime minister, has 
been visiting New Delhi and other Indian cities 
this week with a delegation of Singaporean 
officials and businessmen to strengthen con- 
tacts. 

On Friday in Bangalore, home to a large 
number of computer companies, Mr. Goh 
launched the construction phase of an informa- 
tion technology park. The park is intended to 
attract foreign computer companies that want 
to form partnerships with Indian firms. 

The project, which will cost 250 million Sin- 
gapore dollars <$157 million 1. is a joint venture 
between Singaporean and Indian companies. 
The park is due to open by fee end of 1995, 

Mr Goh said Tuesday in New Delhi. "My 
hope is that India will link up wife the East.”' 

In response. V. P. Narasimha Rao. the Indi- 
an prime minister, said his government wanted 
to expand and deepen its ties wife Southeast 
Asia. 

“fn a changing global economy, where un- 
predictable forces sometimes operate, such 
constructive and stabilizing linkages are wel- 
come. and w e wish to promote them.” he said. 

Mr. Limaye. the research fellow, said India's 
declining military spending, slowing naval 
modernization and the holding of joint naval 
exercises and exchanges wife Singapore. Ma- 
laysia and Indonesia had helped ease earlier 
ASEAN concerns about India's military inten- 
tions in fee region. 

He said feat enhanced ties with ASEAN were 
crucial for India because they were a step to 
possible inclusion in economic and security 
arrangements being developed for fee broader 
Asia-Parific region. 


BOOKS 


LAST TRAIN FROM 
BERLIN 

By W. T. Tvler. 569 paqes. 
$22.50. Henry Holt. 

Reviewed by 
Jonathan Yardley 

T HIS sixth novel by W. T. Tyler 
— fee nom de plume of Sam 
Hamrick, a former Foreign Service 
officer — is a skillful and engrossing 
piece of work, but it is also evidence 
that wife the end of fee Cold War 
espionage fiction as we have known 
it is a thing of fee past. Tyler makes 
a noble effort to transcend the limi- 
tations of genre by turning “Last 
Train From Berlin" into a plague- 
on-botb-your-bouses damnation of 
ah those who played the Cold War's 
deadly and pointless games, but it is 
impossible to escape fee sense that 
one is being taken on yet another 
tour through a thrice-told tale that 
has been sapped of its force. 

It is true that the emotional un- 
derpinnings of the Cold War were 
elementally human and retain their 
power to draw us into a well-told 
laic, which this one certainly is. The 
Berlin Wall and the Iron Curtain 


may be creatures of a past the end of 
which almost no one regrets, but the 
stones of those whose lives were 
altered by that strange conflict still 
retain a degree of universality. It's 
just that we know. now. how fee war 
turned out — nobody won — and 
feus that all of this eiegani intrigue 
was nonsensical. 

Still give Tyler his full measure of 
credit. If this is a period piece, it is a 
reminder of just how elegant fee 
literary aspects of that period could 
be. Though most of the significant 
espionage novels published from the 
early ’60s to the early ’80s owed 
incalculable debts to John le Carre, 
taken as a whole they constitute an 
impressive body of work to which 
Tyler has made notable contribu- 
tions. beginning in 1980 wife fee 
publication of his fine first novel, 
“The Man Who Lost fee War." In 
this as in his subsequent books. Ty- 
ler staked out his own territory, feat 
being the principal American colony 
of Le Carre Land: espionage wife a 
mordant, even tragic, twist, de- 
scribed in elegant prose feat is (for 
the most parti mercifully devoid of 
fee baroque twists and turns favored 
by the master. 

‘Last Tram From Berlin" has a 
bit of a valedictory air to it. though 
whether feis is fee author's inten- 


tion or fee reader's wish is difficult 
to determine. In any event it pro- 
nounces what certainly has fee air 
of a final verdict on the Cold War. 
as in this: “Because fee Cold War 
simplified so much, unrefiective 
men thrived on its barbarous sim- 
plicities; Langley was still in feeir 
grip. When so much could be ex- 
plained by so little, truth so simpli- 
fied. virtue so easily identifiable, 
evil so politically explicit, those 
who knew Little about history, com- 
munism, Russia, poverty, hopeless- 
ness and despair had no difficulty 
explaining fee conspiracies arrayed 
against them. Men like Julian Ab- 
bott. fee eminence grise Forever 
hovering in fee background, would 
triumph while men of decency, wis- 
dom and humanity annulled'feem- 
selves; action or its illusion tri- 
umphed. always under the pretense 
of decisiveness: ‘Be thought 
strong,' Washington's decrepit wise 
men whispered, ‘otherwise we will 
be thought weak.' " 

The central skein is provided by 
fee sudden and inexplicable disap- 
pearance of Frank Dudley, an old 
agency hand whose declining career 
seems about to end in premature 
retirement. An agent a quarter-cen- 
tury his junior. Kevin Corkery. is 
assigned to track him down. Dud- 


ley’s trail leads Corkery down a 
long, twisting trail that' begins in 
Washington and gradually works its 
way to the capitals of Europe. 

“Last Train From Berlin" pro- 
nounces gloomy judgment upon 
fee “brotherhood of lunatics" that, 
from its bases of operation in “ev- 
ery imperial capital,” kept the 
world in thrall to fee Cold War's 
amorality. cynicism and paranoia. 
At the end of the story no one has 
won anything, innocent people 
have been cruelly treated, and a 
sense of betrayal is pervasive. The 
reader knows, though, feat fee end 
is just around the corner — fee 
events of the novel take place in the 
'80s — and as a result feels less 
urgency about the endeavor than 
Tyler's virile prose and strong intel- 
ligence would lead one to expect. 

Jonathon Yardley is on the staff o} 
The Washington Tost. 


NEW AUTHORS 

PUBLISH YOUR WORK 

ALL SUBJECTS CONSIDERED 
Auitois World-wife invited 
Wme or send your manuscript io 
MINERVA PRESS 
2 OLD BROMFTON SD LONDON 3W7 30Q 







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e '2x ^•:a are rj 


CLEAN WATER. - 
IF WE ALL DO A LITTLE, 
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,K .-» ► £*c»i.y 


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— — — '“'■‘‘V 


Page 6 


SATU RDAY-SUNDAY, JANUARY 29-30, 1994 

OPINION 


Htcralb 


INTERNATIONAL 



Sri burn* 


'VBl ISHtJJ WITH THE NEW YORK TIMES A N» THE WAIHIWTON POST 


A New Path With Vietnam 


There is a widespread sense chat the war 
with Communist Vietnam should be treated 
as over and that the United States should be 
moving on in its relations with Hanot. The 
passage of time accounts for pan of it. a 
desire to make money is a second part and a 
hope of furthering the search for missing 
soldiers is a third. This accounts for the 
strong Senate voce Thursday urging Presi- 
dent Bill Clinton to lift the embargo on 
Vietnam. To the extent that his reluctance 
stemmed from a need for political cover, he 
will cow be able to fall in behind the Demo- 
crat John Kerry, a wounded Vietnam veteran 
who turned against the war. and the Repub- 
lican John McCain, for six years a prisoner 
of war. The end of the embargo is in sight 
and with it the opportunity for American 
business to compete against the European 
and Japanese companies already there. 

The Kerry resolution voted on Thursday 
lakes off from the proposition that Vietnam 
has made substantial progress in accounting 
for missing American soldiers. No doubt this 
is so. But let it be understood as well that that 
progress had to be dragged out of the Viet- 
namese practically one name and one soldier' s 


Keeping a Lid on Defense 


Many Americans still treat the defense bud- 
get as a symbol of strength. Politicians there- 
fore spend more money than necessary to 
shield themselves from charges of weakness. 
President Bill Clinton brandished the budget 
as a shield in his State of the Union address 
when, with surprising fervor, be drew the line 
against further cuts. 

But the defense budget is more than a 
symbol; it is a set of muIubfllion-doUar pro- 
grams. Some of them are essential to Ameri- 
can security. Others are wasteful vestiges of 
the Cold War. Mr. Clinton’s instinct for seif- 
protection could limit his ability to cut unnec- 
essary programs. Even worse, it could put him 
under severe pressure to increase a military 
budget that is already unreasonably high. 

Last year the Pentagon completed a “bot- 
tom-up review." which proceeded from the 
premise that the United States should prepare 
to wage two regional wars simultaneously. The 
review recommended force levels comparable 
to those established in the Bush administration. 
As Mr. Clinton mast know, these force levels— 
which congressional Republicans are sure to 
support — wffl end up costing far more than his 
proposed $260 billion yearly budgets over the 
next five years. In short, the bouom-up review 
is a time bomb that threatens to blow the lid off 
the Clinton defense budget. 

There are three ways for the president to 
defuse il One. which Mr. Clinton unfortunate- 
ly has rejected, is to reduce the force levels in 
the bottom-up review to a more reasonable 
leveL A second, which William Perry. his nonti- 


Reno’s Troubled Empire 


The imminent departure of Deputy Attorney 
General Philip Heymann, announced Thurs- 
day, leaves the US. Justice Department in an 
unfortunate state of inoompletioo. Mr. Hey- 
mann, who has a reputation as a superb lawyer 
and bad served twice before in important posts 
at the department, was thought by government 
professionals to have been an excellent ap- 
pointment. A Harvard law professor, he 
brought to his post the kind of Washington 
experience that other political appointees 
lacked. And while be is a criminal law expert, 
his professional experience and skills are broad. 
He drew some excellent young attorneys to the 
Justice Department specifically because of his 
reputation, and he approached his job with 
enthusiasm and energy. 

The official word is that Mr. Heymann and 
Attorney General Janet Reno simply did not 
get along. They had different management 
approaches, different styles and perhaps dif- 
ferent priorities. If that is the whole story, his 
leaving may be awkward, but it was also 
inevitable. It would be impossible to run any 
organization as large, complex and politically 
sensitive as the Justice Department if the 
officials at the top were constantly at odds. 

But because the resignation surprised even 
Mr. Heymann' s dose friends and comes at such 
an awkward time for an administration longing 


for at least one spell of sustained good news, 
speculation is widespread that some policy dis- 
agreement was the cause, or else a conflict with 
the president's friend Webster HubbdL who is 
the associate attorney general All this is certain 
to be further probed in craning days. Mr. 
Heymann will stay on for a time, but his 
authority and effectiveness have been dam- 
aged. This is not good news for a department 
that has been struggling for more than a year 
because of the slow pace of appointments. It 
was not until the end of November that assis- 
tant attorneys general were confirmed for the 
tax and criminal divisions. The environment 
and n at ural resources division is still without a 
leader. And the important post of assistant 
attorney general for dvO rights remains vacant 
A year ago there were plenty of good candi- 
dates for the position awarded to Mr. Hey- 
mann. Some of those lawyers may be discour- 
aged by stories of management conflict and 
others hare probably lost interest But the best 
must be sought out and considered again with- 
out delay. The department — whose work is 
always critical to the maintenance of law and 
order, the protection of individual liberties and 
the peaceful resolution of conflicts both com- 
mercial and individual — should not have to be 
handicapped by vacancies at the top. 

— THE WASHINGTON POST. 


A Million Lorena Bobbitts 


Lorena Bobbitt’s response to being contin- 
ually raped, sodomized and beaten by her hus- 
band was uniquely bizarre. But her situation 
was commonplace. What happened to Mrs. 
Bobbitt happens, in varying degrees, to more 
Ilian a million American women a year. 

In 1992 the Senate Judiciary Committee is- 
sued a staff report titled “Violence Against 
Women," a depressing litany of sexual assaults, 
physical abuse, knifings and shootings. The 
victims are women; the perpetrators are, for the 
most part, husbands and lovers. Each page of 
Lhe report is mougfa to turn the stomach. It also 
serves to put Lorena Bobbin in perspective. 
She is. quite simply, one of a crowd. 

The Violence Against Women Act, intro- 
duced in 1990, has finally made its way into the 


federal crime biD that Congress is soon to 
confront. It would authorize more money for 
law enforcement, victim services and preven- 
tive education, and would toughen federal 
laws. These are all worthy goals. 

The Senate version of the biD also extends 
aril rights protection to gender-based hate 
crimes like rape (98.9 percent of the victims are 
women). The House version would allow bat- 
tered immigrant women to petition on their 
own for legal status, nullifying the control that 
husbands now exercise over the petition. 

If the Bobbitt case provoked a lot of nervous 
laughter, the situation itself was no joke. Nei- 
ther is the situation the Violence Against Wom- 
en Act can help remedy. 

— THE NEW YORK TIMES. 


International Herald Tribune 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 

Cn-Chntrmcn 

RICHARD McCLEAS. Publisher A Owf Executive 
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"1 All’s Fair 

His State of the Union Neglected the World in the War * 


remains at a time. There is an explanation for 
why tire MIA issue is still so sensitive two 
decades after North Vietnam overwhelmed 
the South Vietnamese regime that Washing- 
ton left behind. Hanoi, for its own reasons, 
has withheld cooperation on MlAs. Thus did 
it create the fog and anguish that strung out 
tire process of accounting for missing soldiers, 
keeping the American debate on the issue raw. 

On tire American side, the consensus sup- 
porting isolation and pressure as ways to elicit 
an MLA accounting — and, let it be admitted, 
to punish Hanoi for its victory — has given 
way to a new consensus supporting engage- 
ment as an alternative policy both to hunt for 
MIA information and to normalize relations. 
By being there and by getting to know people, 
it is said, Americans will have a better chance 
to learn what can still be learned about lost 
military men — none is believed to be alive, 
but some 70 to 90 still need to be accounted 
for. Vietnam remains a totalitarian state, and 
this poses severe restrictions on what informa- 
tion Americans can expect to gain even in a 
context of improving official relations. But it 
is time to cross over and try the new path. 

— THE WASHINGTON POST. 


W ASHINGTON — Yes, it is true that a 
State of the Union address touches home 
base first. And that President Bill Clinton is 
eager to get on with a domestic agenda. Among 
his listeners, however, those Americans and for- 
eigners who wondered bow be means to proceed 
in the world could only conclude that global 
politics was not much on his mind. 

Certainly global economics was. A vision of an 
America increasingly, necessarily and beneficially 
drawn into the global economy drives this presi- 
dent. He identified passage of a hemispheric trade 
bill (NAFTA), completion of world trade talks 
(GATT) and market-opening initiatives in Asia as 
signature events of 1993. More was done in his 
Orel year as president to open markets and provide 
jobs to Americans, he boasted, “than at any time 
m the last two generations." 

Who doubts that this is Mr. Clinton’s passes? 
His every fiber seems to strain to cany the country 
to the ecoaotmc uplands. Not for him to view 
foreign policy as geopolitical chess or as national 
mission or as popular therapy. For him the Cold 
War was a political and emotional blank. He under- 
stands national revival to mean jobs, and he counts 
on foreign policy to preserve and harvest them. 

For many, this ardor takes some getting used to. 
1 confess to a lingering unease at having seen Mr. 
Clinton in his address skipping quickly past the 
prevailing international upheaval and disorder. It 
to me that these conditions are painfully 
evident, that they matter and that they are being 
treated with excessive detachment by the United 
States and others among the Fortunate Few. 
Tuesday night, for instance, the president gave 


By Stephen S. Rosenfeld 

to make the United Nations a more effective 
instrument of conflict resolution and uatiao- 
buflding. Not by a long shot is it all Mr. Qin ion’s 
finite. But his nnsteadmess has been a contributing 
cause, and the consequences are serious. 

The United Nations is a flawed institution. 
But the United Stats, as the single global power 
and one that itself is cutting back, is bound to 
have a greater national interest than any other 
state in strengthening the UN's capacity to pro- 
mote global stability. 

It was jolting to hen the president cite Bosnia, 

scene of An y rican Hi-atqtinn anH T fN h umiliatio n, 

amply as the place where the United States has 
run “the longest humanitarian airfift in history.” It 
was simflariy jolting to hear him cite Somalia, 
scene of American rescoef cflowed-by-retreai and 
UN mortification, timpiy as the place where the 
United States has “completed a misson.” 




Only in passing did Mr. Clinton address the 
general apprehension that the United States, 
mied at home, might be "turning its 


preoccupied at home, might be "turning us 
back" on the world. He suggested that by his 
administration's strategy oi “e ngageme nt 
through NAFTA, a strong mfliuny and support 
for democracy — “the American people are now 
more secure t han they were before," A bold 
Haim The notion that economic expansion can 
be sustained in circumstances of gathering global 
turbulence seems to me dreaming. 

“More secure"? In North Korea’s unrelenting 
and invJifAwi pursuit of nuclear capability ties 
a frigh tatti n g measure of insecurity in a region of 
fyntr nnitig mo ment to the United States. Not are 
the North Koreans the only miscreants striving 
for a bomb of their own. 

Mr. Clinton is right to zero in on the home 
front. Bat he has to leB the people that there is a 
bard world out There, and he has to show himself 
ready to deal with it 

The Washington Poet. 


nee for defense secretary, favors, is to rely on 
managerial efficiencies. That will not suffice. A 
third way, which Mr. Petty has only hinted at, 
is to defer acquisition of costly new weapons. 
That would maintain today's oversized force 
structure but keep spending under control by 
relying on the existing inventory of weapons. 

lhe Pentagon has plenty of programs to 
cancel starting with Mflstar, the communica- 
tions satellites designed to fight a nuclear war, 
the overpriced and undeiperf enuring C-17 
transport plane; the multirole fighter, and a 
new aircraft carrier. It can also trim purchases 
of new aircraft like the F-22 Stealth fighter. 

Critics may cry foul if Mr. Perry chooses to 
cancel weapons in order to hold the line at 
$260 billion. But they cannot accuse him of 
weakening America, because most of the 
weapons the Pentagon already has can out- 
perform any in the arsenals of the rest of the 
world. Nor will he baw to short-change readi- 
ness. And research and development can pre- 
serve what is essential in America's defense 
industrial base — its technological edge. 

The trouble is that reduced procurements 
will shrink defense industries and bring more 
layoffs. That may make it hard for many in 
Congress to vote for cuts. But sooner or later 
Congress will have to realize that America’s 
security also rests on productive investment in 
other sectors of the economy. What is surpris- 
ing about Mr. Clinton’s pledge to hold the line 
on cuts is that he, more than anyone, has 
preached the need to drift priorities. 

— THE NEW YORK TIMES 


unraveling of reform in Russia. This raises trou- 
bling questions about his policy and attitude and 
carries dark implications for the American future. 

Not that the CUn ton administration as a whole 
is inattentive. The director of central intelligence, 
Jim Woo key. and a chastened deputy secretary of 
state. Strobe Talbott, this week offered sober ap- 
praisals of the parlous state of the former Soviet 
Union. But for the president Hims elf to fence their 
anxieties on tins subject out of his own presenta- 
tion, even while he invited praise for the small- 
potatoes step of maiming Russian and American 
missiles- This was an unhap py lapse. 

Mr. Clinton was even more suent on another 
grave subject the frustration of widespread hopes 



Japan: New Remedies to Try When Old Ones Fail 

T 5ESt By s. Coart™ ’•CTJLi ^ 


T OKYO — Japan s economy and 
politics are at a crossroads. The 
interplay of domestic and interna- 
tional forces have placed the country 
in a policy impasse. A major reorga- 
nization of the political system and 
an overhaul of tne way the economy 
is managed is now urgent Many of 
the objectives of public policy must 
also be changed. 

As pressures on Japan for reform 
have built up over the past three 
years, the temptation has been great 
to reach for measures that worked 


growth. East Asia, too, is being 
swamped in a trade deficit with Japan. 
With Europe and North America 
limping, the East Asian region is des- 
perately searching for a major new 
market That market should be Japan. 

With the Uruguay Round of global 
trade negotiations out of the way, 
Japan is about to experience higher 
levels of tension wire its principal 
trading partners. The situation is po- 
litically and economically explosive. 


The central problem is how to liberate an enormous 
pool of pent-up consumer demand. 


well in the past But today the coun- 
try faces an unprecedented situation 
that requires unprecedented steps. 

The central problem is how to liber- 
ate an enormous pool of pent-up con- 
sumer demand in Japan. A country 
that has run a trade surplus every year 
for a quarter of a century is dearly a 
country that is underconsunung In 
Japan, consumer spending represents 
just 56 percent of gross national prod- 
uct compared to 64 percent in Europe 
and 68.4 percent in the United States 
That of course, is one of America’s 
problems, for with so much going into 
consumption there is little savings 
left for investment 

In past recessions, Japan generated 
demand through huge capital invest- 
ment and aggressive export-led ex- 
pansion. That is no longer a viable 
option. Pressure is already great for 
Japan to reduce its external surpluses 
quickly and substantially. 

Every major economy in Europe is 
struggling against firing unemploy- 
ment and will have to seek growth 
through exports. Financially exhaust- 
ed after four d e c a d e s of mounting 
debt, the United States is similarly 
dependent on exports for increased 


Unless quickly defused, it will lead to 
renewed upward pressure on the yen 
and downward pressure on Japan’s 
already tattered asset markets. 

Only by breaking tire barriers that 
restrain consumer demand can Japan 
avoid these storms. Moving the econ- 
omy ahead will require a broad-based 
program of reform. The objective 
must be to increase consumer spend- 
ing in a sustainable, noninflationaiy 
manna by tire equivalent of 6 per- 
cent to 7 percent of GNP. Nothing 
less will suffice to put the economy 
back on track and keep it there. 

lhe reform program must begin 
with an overhaul of the Japanese real 
estate system, budding codes, zoning 
regulations and taxes. Pervasive 
blockages work to keep the land mar- 
ket inefficient and illiquid, smother- 
ing the largest potential stimulus for 
renewing consumer-driven demand. 

It is often claimed that Japan is 
land-poor. Yet Tokyo and Amster- 
dam have the same population densi- 
ty. Unfortunately, one-seventh of To- 
kyo is zoned as agricultural land, lhe 
average height of the city’s buildings 
is only 1.7 stories. Tire land is there, 
but is not efficiently used. 


In creating a more efficient land 
and real estate market, Japan should 
create conditions that would encour- 
age modernization of the country's 
housing. Thai in turn would lead to 
renewal and upgrading of the na- 
tion's stock of consumer durables. 

It could take two decades to re- 
build Japan’s residential sector. But 
the government could start immedi- 
ately by renewing the estimated 
720,000 dwellings owned by the state 
at a total cost of $170 billion. Not one 
regulatory change is needed to make 
that investment, only an act of lead- 
ership by the government. 

The second major component of 
reform must be taxation. The asser- 
tion that Japan cannot afford to re- 
done taxes because the central gov- 
ernment is already running a small 
deficit is wrong. Even after 24 
months of economic weakness, the 
general financial balance of the gov- 
ernment remains in substantial sur- 
plus. Further, interest rates are so low 
and tire economy so weak that mar- 
kets could easily absorb further fund- 
ing demands without Japanese inter- 
est rates rising much, if at aU. Money 
is not the problem. 

More urgent than money is funda- 
mental tax reform. This must indude 
a substantial cut in marginal tax rates 
and a widening of the tax base to 
include many income earners who 
now pay virtually no taxes. It must 
include a move to a value-added or 
consumption-based tax system. Put- 
ting these funds directly into the 
hands ctf the overtaxed urban con- 
sumer would be the best way to help 
restore equilibrium to the economy. 

But in the absence of a more 
broadly based deregulation program, 
tax reform could make the current 
situation more difficult. It would cre- 
ate demand that would lead to much 
unproductive investment and the 
same speculative excesses that began 


India: Change Is Beginning to Look Irreversible 


B OMBAY —In a society as diverse 
as India, it is hard to pin things 
down precisely. But time are signs of 
change in ways of thinking and doing 
that may be more fundamental th*n 
anything going on in China. 

This ts not being ordered from on 
high, nor is there any catechism to be 
drawn from the "collected works" of 
a dearly beloved leader. Progress is 
fitful. But it may be all the more 
lasting for not being directed. 

Signs of India's economic liberal- 
ization and opening to the outside 
world have become increasingly visi- 
ble: the removal of licensing arid oth- 
er bureaucratic controls on industry, 
tax reform, import and foreign ex- 
change liberalization, tariff cuts, 
stock market listing of state enter- 
prises, easier entry* of foreign firms 
for direct and portfolio investment. 

The economic reform program, 
stalled by domestic politics for much 
of the past year, is likely to get a boost 
in next month's budget. Prime Minis- 
ter P, V. Narasunha Rao’s position 
has been bolstered by the failures in 
state elections of the main opposition 
Bharatiya Janata Party and by the co- 
opting of some members of die Janata 
Dal Party to his government. 

The leading architect of reform. 
Finance Minister Mamuohan .S ingh , 
has emerged from the inquiry into the 
1992 Bombay stock market scam 
with his popularity enhanced. 

A none too health v fiscal situation 
— - a government deficit of 6 pe r c en t 
of gross domestic product against a 
target of 4.7 percent — will provide 
Mr. Singh with the occasion for fur- 
tirer cuts in tariffs and subsidies, sell- 
ing off state enterprises, and speeding 
up competition in key sectors such as 
telecommunications and banking. 
All of which will not just win plaudits 
from the International Monetary 
Fund and World Bank but help keep 
foreign money flowing into Indian 


equities and Euroconvertibles. 

Do not expect miracles. Even the 
optinrisis think it will take five years 
of change to get India to a sustainable 
growth rate of 6 percent, which 
would be 50 percent better than past 
performance but still way behind 
East Asian achievement. 

But behind the numbers, more im- 
portant things are happening. These 
are best expressed by the title of V. & 
Naipaul’s 1991 book on India, “A 
Million Mutinies Now." Up dose, In- 
dia is chaotic but dynamic, if not al- 
ways purposeful Despite the commu- 
nal riots arid even assassinations, h is 
essentially stable, almost too stable: 

But there are common threads 
among the mutinies which are forcing 
change on a reluctant elite. It is hard to 
imagine a more deadening combina- 
tion than that faced by the overage 
Indian: a legacy of colonial paternal- 
ism and Fabian socialism. This ap- 
proach suited the superior notions of 
Brahmmical bureaucrats. It also suited 
politicians raised on socialist rhetoric 
and Gandhian sanctification of anti- 
quated production methods. 

The failure of the past and the 
hope for the future can be summed 
up in two statistics. 

The first: More than half of all 
Indians, and two-thirds of women, are 
illiterate. This is oot oily a stunning 
contrast to East Asia, it is an appalling 
record by any standard. It also testifies 
to the di te’s lack or interest in the well- 
being of the masses. 

The second: Last year’s budget 
slashed spending on tertiary educa- 
tion and dramatically increased (hat 
Forprimary education. 

Inis change should be as impor- 
tant for India in the long run as 
anything that Manmohan Singh 
does. It will do wonders for health, 
lower the birth rate and give a boost to 


By Philip Bowrrng 

onvertibles. the still insignificant role of women, 
its. Even the Change is now being directed by 
ike five years some of the brightest people in New 
' a sustainable Delhi. But behind it are more impor- 


tant forces, neither political nor bu- 
reaucratic These reflect a grassroots 
desire for a more mobile society. One 
is (ire nonresdent Indian. Tbesepeo- 
ple have opened the eyes of millions 
to what India has been misting 

Satellite television, seen on infor- 
mal cable networks, has been a liber- 
ating factor. Another has been the 
growth of cities and small buanesses. 
This has created a hnge constituency 
with an interest in freer markets. 

Household savings are high and 
rising, and increasingly invested in 
equities through a mutual fund in- 
dustry that may be unmatfin^ f 

India, unlike China, has well-de- 
veloped institutions in law, accoun- 
tancy and banking. These need re- 
form but at least they exist as stable 
and recognizable factors. 

A revolution of rising expectations 
is under way. Company managers 
now get salaries that are no longer 
derisory. Consumers, who once wait- 
ed endlessly for a phone or power 
connection, are restive. There has 
been a rise in the status of new 
wealth, at (he expense of caste- and 
education-based status. 

Ed u cation and urbanization will 
erode caste differences but create fric- 
tion in tbe process. Thai may be poCti- 
caHy unsettling. Bombay, a business 
cents 1 , is a stronghold or the militan t 
Hindu organization. Shiv Sara. Com- 
munal tenaooswfll arise over division 
of new wealth. Socialism is on tire way 
out, but economic nationalism still has 

a powerful following. 

One important area that has not 
beat addressed is agriculture, where 
India has yet to emulate the eariy 
Chinese reforms. Price and export 


controls discourage fanners and keg) 
down rural demand for manufactures. 

Is time, the new economic forces 
may grow frustrated with the ineffi- 
ciencies of India's plural society and 
democratic system in favor of a more 
authoritarian setup — as tried unsuc- 
cessfully by Indira Gandhi in the 
1980s. For now, however, the system, 
ramshackle as it may at times seem, 
keeps a country of many religions. 


er. The system wfl] mean thai reform 
— social as much as economic -—will 
not proceed as fast as its articulators 
want But there is no stopping it 

International Herald Tribune. 


to occur at the end of the 1980s. 

Japan should, therefore, move to 
discard its heavy «nd increasingly in- 
efficient carcass of regulation. Initial- 
ly, deregulation should focus on re- ‘ 
leasing demand. Then, once the 
economy has began to move, the em- 
phasis should broaden to die supply 
side. To re vers e the aider, as is being 
suggested in Tokyo, would put fur- 
ther downward pressure on the econ- 
omy at exactly the wrong time. 

The government must also take ur- 
gent action to overhaul the financial 
system. The banking sector continues 
to strain undo* a mountain of no o- 
performing debt To make provisos 
for these loans solely from the earn- 
ings of the banking system would 
take decades. 

Japanese regulators need to re- 
move about half of some 60 triQiah 
yen in bad debt from bank - balance ! 
sheets. The risks facing the economy, 
financial markets and the banking 
system are substantially higher than 1 
would have been the case bad leader- 
ship been exercised earlier. 

Applying an ambitions hot now 
urgently nccessaty reform package 
would involve direct confrontation 

have an enann^'vested^S^Kt in 
the status quo. However, no other 
course remains open to Japan. ■ 

Thus, the real challenge faring the ' 
country is one of poEtical leadership. 
To reverse the cureem course and 
reposition fora new phase of expan- 
sion will require an uncommon act of 
vision, will and determination. 

Yritowritimtildetperciiasdevd- 
opswooldoitiyleadtowoisecfifficul- 
ties. At state is the prosperity of Japan 
and, with it, of the wood comm u nity. 

The writer, senior economist for the 
Deutsche Bank Group inAsia, lectures 
at Keio and Tokyo unfversitua raid is a 
chairman of the School of International 
Studies in Tokyo. He contributed das 
comment to the Herald Tribune. 


On Crime 

By A. M. Rosenthal 

N EW YORK — More a* 

billions for prisons to lock op 
more arid more America* who never 
had a decent chance ai Ine. 

Are we mad? 

Why not use those bfflioos to btuui 
more schools to give morcvoungpco- 
ple living in poverty the educauap to 
ctimb out of it? U costs as much to 
a convict in prison as to send 
him to Yale, for heaven's sake. 

And despite afl the other billions 
the United States wends on the drug 
war, narcotics stiH flood the country , 
users are stfli being put in to prison, 
crowding out violent n i m i nftl s. 

Why not legalize drugs and use the 
anti-drug money on therapy fw ad- 
dicts ana to improve the neighbor- 
hoods that create them? 

And whv those long sent e nce s for 
convicts? 'Every year behind bars 
maUrx them more ratter. They return 
to the same hard streets. 

Save money by cutting sent ences 
Spend the savings to give released 
convicts training tor decent jobs. 

Those Jew paragraphs sumup a 
belief important in American liberal 
inteflectnai life — the belief that war 
a wing crime and drugs is largely 
arrrv-H at a uri hurts the poor and 
wastes huge amounts of money that 
amid be used to fight the poverty, 
d iscrimin a tion and educational de- 
privation that cause crime. 

The argument is false factually. 
Worse, it is damaging to people it is 
supposed to benefit — Americans, all 
«rfrrn shades, who Give in the streets of 
poverty and killing. 

Economically, the straggle against 
crime is the biggest bargain the tax- 
payer gets. A criminal on the loose 
costs society twice as modi as a crim- 
inal in jail — in stolen goods, 
smashed property and of coarse the 
medical care for the victims. 

The thug war has not yet been 
won. But it has saved hundreds of 
thousands of Americans from lives of 
addiction that would have cost the 
country scores of billions. 

Nobody knows exactly how much 
because drug abuse is the cause of so 
many other rernux like famil y vio- 
lence, robberies and mumngs. 

- Most of the crime takes place in 
poor neighborhoods. Drug addicts 
gobble up hospital space and time 
that would have gone to the people of 
those neighborhoods. Fighting crime 
and drugs is one tax expenditnrc that 
benefits tin poor most rtf afl. 

All those crowded jails are not 
filled with pot smokers caught by 
cops on patroL Professor John EKIa- 
lio Jx. of Princeton and Brookings 
reports that 93 percent of convicts in 
stale primus axe violent , crmnsals, 
many ctf them repeaters. 

Yes, a lot of Americans are injafl. 

A lot more Should be. If your house is 
bmgjsd, there is a 1 in SO chance the 
criminal will serve time. 

The trouble with long sentence is 

that they turn out not to be afl that 
long. Convicts serve about one-third 
oftheir sentences. A rapist can taped 
to be cut- in 5 years, a convicted 
murdCTcr in 10. 

President Ml Cfinton now recog- 
nizes the dreadful importance of 
crime. But if be is to lead, as he 
should, he ought to make sore his top 
officers are following cm dose. 

About mandatory sentences, his 
attorney general is known' to law 
officers as waffle general His sur- 


the much-studied legalization of 
drags. Then after he properly says 
“nothing doing,” she boosts it again. 
Either she does not believe what 
- the prerideat says or just does not 
care very much. 

Most of all he should tdl the peo- 
ple die hardest truth of all — now 
deeply criminals have hurt tire al- 
ready wounded of America, the poor. 

The president should tdl Ameri- 
cans that criminals who have stayed 
out of jail and criminals who got out 
too early ham tinned large parts of 
the inner chy into war zones. “Build 
schools, not pnsontf’ — thatTs not a 
choice now; it is a hoax. 


ctf government, and the people go to 
surviving, fighting and winning. 
Sometimes a tittle extra money and 
energy are spent to keep up spirits. 
But was there ever a case where in a 
war zone under attack there was 
nwngh money to make He decent 
and build for the future? 

The criminals have deprived other 



the right to live in peace. They nave 
also deprived citizens of the t ma i e u re 
to build for the future. 

That is what the president shnwtd 
tdl lhe American penile, Tor it is 

theplamtnithandwfllbesomQtiltbe 
winning starts. 

The New York Tima. 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 
1894: Pope and Poland w^ of tiB Gean^ 

r mg thereveraon to Japan of Germa- 

ny's Shantung concessions. Ih the 


ROME — The Encyclical on the per- 
secution of the Roman Catholics in 
Bola nd is complete, but is withheld, it 
is said, at the instigation of Mgr. Zea, 
Bishop of Tirassal and by. Breach 
influence, much to the disgust <tf Car- 
dinal LedochowskL Mgr. Tea de- 
clared that the publication of that 
letter would have been as 

regards the relations between Russia 
and the Vatican, and that the reports 
about political and religious events in 
Poland whit* had so ouatod His Ho- 
liness were exaggerated. Thee is tittle 
doub t that Mgr. Zen has been tire 
representative of Russia, and has 
toed to quiet the indigDatiou of the 
Pope by making him hope for die 
establishment of official relations be- 
tween Russia and the Vatican. 

1919: /Scraps of Paper’ 

PARIS — There, has been much talk 

recently of a so-called AngfoJapa- 
nese treaty, dividing up the Pacific 


opinion of iuBnential Americans and 
others all these secret treaties now 
become mere: interesting “soaps of 
paper,” because they strike at the 
fundamentals of President Wilson’s 


1944: flights Detoared ; 

STOCKHOLM — [From our New 
York editiorcl The latest aerial assault 
cm Berlin, described in one dispatch as 
a “concert of hell,'' apparently 
knocked out (he great Tcanpdhaf air- 


port_ Direct air service to Batin was 
halted today [fart 3QJ and planes isid- 
edatSteti^vriterewtsseoMBeoalm- 
ued by tram, lhe cmtial Qeiriiaii ex- 
planation- faf the canc^latffm ct 
flights was that the landing field was 
too muddy, bur repeats said that Tem- 
pdlKtf had: bees cm off by idqphone 
from Copenhagen siod tint travelers 
rcachi^ DcDirark said a Hocfcbusta 
had bitthe adnanlaratiia bniwfing 




'lie V 


A .'h .. ' 

£V'‘ >-■ ... 
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ART 

Saturday-Sunday. 

January 29-30, 1994 
Page 7 


Rare Collections From 2 Worlds 


Tfce NMtaul GiBcx? 

'Seaport With the Embarkation of the Queen of Sheba,” oil on canvas, from “ Claude : The Poetic Landscape , . ” 

Landscape, Poetry and People 



. International Herald Tribune 
ONDON —Being taken step by step 
through the creative process, of a mas- 
ter of the past holds a rare fascina- 
tion. Few visitors can remain indif- 
ferent to the show “Claude: The Poetic 
Landscape,” now at the National GaBeiy.' ■*' ~ 
In only 81 paintings and drawings, tfeetla- 
bition (until April iff) sets out to dcmonstratc 
that the tiny human figur es in ttel7th-cetrtufy 
artist’s pictures are highly' relevant to las puf- , 
pose, not just secondary additions. Ifoinnhrsy 
Wine, curator of 17th- and 18thccnt«ry pathV- 
in£S. arwKS die case in the hwWy - w ydaWf 
essay that accompanies the art showvgi.the 
cat — '■ " 


Tiber, of which he quickly sketched a view 
. jcdteefl to essentials. Strips of land in pen and 
brown wash jut forth into the sea.'Alme of 
boats at anchor, beyond, continues the rhyth- 
mical, effect of horizontal famifc Jh. the dis- 
tance, a slanting promontory is topped by the 
- octangu lar of a hrmy^ all done in pale 
;hucs~A briefetructnral outlme and a dark-and- 
Hght contrast is an that the artist retains of a 
scene that must have been seething wiih detail. 
The modernity of the vision is souring. 

It goes further still in the marvelous view of 
Civitavecchia. Believed to have been done 
^aremrfttesanreti^ it is imafy different. The 
landscape is outlined in scrawling strokes done 


whole tree is viable in the punting seen from a 
distance, but only part of it in the later sketch, 
almost thrnst to the viewer’s face. It is as if the 
vision of the artist as a draf tsman was more 
closely focused on whatever subject he consid- 
ered. 

There is a compelling logic in his drawings 
of full-blown landscapes that all too often 
vanishes from the paintings, as the artist tends 
to widen the horizon and make the details 
smaller to fit in more of them. 


By Roderick 
Conway Morris 

International Herald Tribune 

V ENICE — “A Thousand 
and One Nights” is the 
theme of next month's 
Carnival here — inspired 
by “The Heritage of Islam," ai the 
Doge’s Palace. The show (until 
April 30) constitutes a major gath- 
ering of the considerable Islamic 
artistic riches in museums sad pri- 
vate collections throughout Italy, 
but its lackluster and low-key pre- 
sentation, alas, puts one in mind 
not so much of Aladdin’s cave as 
the 14th-century Arab traveler fbn 
Battuta’s description of Bengal: “A 
hell full of good things.” 

HellEre, fiends, sirens, saints 
and sinners figure prominently in 
the smaller bat more adventurous 
“Angels and Demons: The Russian 
Popular Imagination," on the 
mainland in Mestre at the Institute 
di Culture di Santa Maria deDe 
Grazie (until Feb. 20). It is the first 
exhibition of its kind, in East or 
West, of the art of Russia's Old 
Believers: rare, beautifully pre- 
served pictures that have been hid- 
den from public view in the Mos- 
cow Historical Museum. 

The first Arab raids on Sicily 
occurred within 20 yean of Mo- 
hammed’s death in 632: Rome was 
attacked in 846 and Sicily was 
dominated by the Muslims from 
the middle of the ninth century 
until 1060. In 937, Palermo was 
reported to have 300 mosques. Sub- 
sequently the peninsula's flourish- 
ing maritime republics — Genoa, 
Pisa, and, supremely, Venice — 
through trade, diplomacy and war- 
fare were in daily contact with 
Muslims through die Middle Ages 
and Renaissance into modern 
times. 

Italian scholars played a vital 
part in introducing “Arabic” nu- 
merals and algebra (an Arab word), 
and medical and astronomical 
ideas into Europe and promoting 
the study of Oriental languages. 
Even Dante’s vision seems in/hi- 



From the “. Angels and Demons ” exhibition in Mestre. 


enced by Islamic literature. Mean- 
while, the cultural exchanges and 
ceaseless flow of artifacts to and fro 
have left us with such striking curi- 
osities as “The Throne of Sl Peter” 
in Venice's original cathedral 
church in Casidlo. whose elegantly 
carved back is, in fact, a Muslim 
grave stone, and a Gentile BeUini 
portrait of Muhammad EL, the con- 
queror of Constantinople. And so 
much did Renaissance Italian and 
Turkish cloth makers imitate each 
other’s work that it is now difficult 
to establish whether certain pieces 
are of Muslim or Christian manu- 
facture. 

The Venice show's superb tex- 
tiles, ceramics, metalwork, carv- 
ings. carpets, paintings and books, 
over the Muslim world 


and dating from early times to the 
last century, many of them excep- 
tional examples, will delight any- 
one interested in Islamic art, de- 
spite — owing to financial 
constraints — the use of ugly and 
unsuitable display cases left over 
from some past show and often 
dismal lighting. But the slapdash 
and half-hearted level of explana- 
tion will do nothing to introduce 
the uninitiated — a primary pur- 
pose, surely, of these enterprises 
— leaving the strong impression 
that the choice of a more limited 
more 

imaginative pre- 
sentation would have produced an 
infinitely better result. 

If, in the past the Venetian Re- 
public’s relations with Rusaa were, 


uiai uiw uuuitiw v/* a uruiw *. 

focus accompanied by 
thoughtful and imaginativ 


in the words of one historian, "a 
tragicomedy of cross-purposes, 
frustrated hopes and mutual in- 
comprehension" (an experience ee- 
rily f amiliar to Western democra- 
cies today) on the artistic front, at 
least Venice and Moscow have re- 
cently struck up a highly rewarding 
relationship. 

A couple of years ago Moscow’s 
vast Historical Museum released 
long unseen portraits for the excel- 
lent “Faces of Imperial Russia” at 
the Palazzo Fortuny. For “Angels 
and Demons,” the museum has 
made available for the first time 
their collection of religious paint- 
ings on paper developed in the 18th 
ana 19th centuries by the Old Be- 
lievers, Russian Orthodox tradi- 
tionalists, who, refusing to accept 
Patriarch Nikon's church reforms 
in the mid-17th century, bad fled 
into wild virgin territory to the 
north of Moscow to establish mon- 
asteries, convents and more radi- 
cally anarchistic communes. 

idealistic, industrious and al- 
most Protestant in outlook, the Old 
Believers suffered continual perse- 
cution at the hands of the state — 
the right-year siege of dissident 
monks and their gruesome massa- 
cre bring the subject of one of the 
most dramatic images here. 

Aside from portraits of Old Be- 
liever heroes and saints, most of the 
pictures (many are by women) are 
didactic — illustrating in captioned 
“cartoon" form differences benvem 
old and new rituals, biblical stories, 
the rewarding of the righteous and 
the punishment of the wicked. Some 
are intended not just to be studied 
but. complete with verses and nota- 
tion, to be sung. 

Sumptuously, saiisfyingly color- 
ful and a strange mixture of the 
naive and sophisticated, these 
works unselfconsciously combine 
traditional Russian devotional 
styles with florid, baroque decora- 
tiveness, unexpectedly bringing 
alive a lost way of life otherwise 
encountered as little more than an 
obscure footnote to Russia’s cul- 
tural and religious history. 


Around 1635, he drew a lovely landscape 
en and gray ink now in the Ashmolean Mm 


SOUREN MHUKIAN 


Ever since the 17th century, <3ande<5dfriv 
known la the Frcnchas Claude Loi^ai^and to : z. 
the English as plain **--■*- *— • 


Jtiizitmy fortifications are thinly indicated — 
the merest festoon serves to suggest madnoola- 
of 7ns career" ami wrotoin^ t^'tittett^ofatowcx.Tteseaaiidtteskv. 

“^graphy. .V/-- 5 '. 1 :-b - ■ defined by space contour but not 

Wine; possibly remqnhqa^g .4hat,te*as* - 
lawyer. In ^wtha^mcamasioB/r^ 
ifeadcagpbet^ 

concedes that rthe opposing camp j . 

Claude wouldruse toe same^Jandscape 


. , . uwuw uy WUMU 

jSL". sketched, convey a feeling of empty immensity 
. despite ttft small scale. The unaera tate me n t is 
ij*y rtnaknenwiaari- of Rembrndt at his mostforoc- 


foe unrelated subjects — onedrawa 

from, the' New Testament, another from my- 
thology as recountSuffiiSaiF^ 
lii at least one cas^OaBdc, wtendescribmg 
his own paintings to ttepairaivwhohaw « hd- 
missioned them, stresses ttelindBCtme'demenl 
and treats the'sul^ect as saxmdaiy* Jhe aitistfs 
own view of his-worit was widriy shared in the 
]7th century. IBs painting wranahe 
paired according to land 
ratter than suhjecL 


‘ The transformation when these terse 
'^ Aetcfaes 'are reused in the finished pictures is 
^dm^tbeyondracogniticm. The buildings and 
the boats in the Ripa Grande study reapj 
ina seao&fDOssflwv painted in lo3 
would] 


.... painted in 1639, 

r „eit about ayear later. The National 

Gallery curator writes that ccmtparison be- 
tween the sketch and The painting shows how 
tile buildings and boats “were imaginatively 

a ^elaborated and ennobled by Claude in his 

dseqte. -jwmting.” 0*ers might say that they are sub- 

-mcracd in a sea of detail reduced to the lcvd 
Reversing gear. Wine pen. dosety anaryz ey ^ props in a composition that is degantly 
the inscriptions in Oaride’s oent^ vbtciv?j ; 'conventional 

fa* Iran tte l«0s, O^s p iai^ jiKne . -< oaudds aptitude at dimmating the super- 
often accorded with their fitcraiy souites, and - nnnn< nt ^tt tTng ttMmigh in w«ential stmo- 

«« “ MadcS^^standsui stark contrasts 
taiioa to the painters oeuvre, drawn from Lati^ . j, • ^ accumulating fine ornament in Us 

jxje^. Tteju^m^nqWstrp m, . jvX- painied oeuvre. .. ( % 

Nor is this just the difference betwea a 



HE attempted demonstration -is. 
largely based cm a confrontanon d 
the ou printings with the drawngs 
that led to thm driioratknL- Here^- 


'enough, the weight of visual- 
ibjy drags' tte casern the opposite directiait. ... 

Wine b^bas by teffing tte viewer about 
Claude’s sketching dqwfititms.dowHJhe Ital- 
iancoastand in timcmmtiyride sound Rc mie , 
when, he wodd store 151 views t aken -from 
nature as others accnmulate ■> m *ories. Ewoto- 
ally, these were devdoped into full-blown pio- 
mp-< sometimes years after these visaal notes - 
bad been jotted down. In the process, Clande 
reveals two dimnetricafly. opposite aspeste or 
his. aesttetic percepticm, tm which Wine doc* 
not comment ...... ~ • 

Right fromlte-b^aning. Gaude’spowcrfri 
concision as a' draftsman is bre atht a k i n g, as- 
fflustrated by a handful d sketches from the 
British Museum. Around 1638, the arnst trav- 
eled 10 Ripa Grande, one of the ports on flie 


first thought and a large-scale composition. 
When tii e artist retraces his steps, as it were, 
from painting back to drawing, he also gets 
back htt.gtq? and once again throws out the 
Mils. A wonderfnl study of trees in the Vigoa 
Madarna, to the northwest of Rome, is conad- 
"ered to have been sketched around 1638, a 
year — if not longer — after Claude printed a 
landscape with a goatherd. The connection is 
obvious, but aesthetically there is an abyss 
between the two. 

'in fife drawing, a huge tree trunk ^ with scrag- 
gy bark shoots up to the edge of the sheet. 
Only the two lower branches spreading hori- 
zontally appear, pressed against the top, as if 
too large to be contained within the space 
allowed. Plun g ed into the sarddarkness of the 
foreground, the tree contrasts with the light 
tracery of a leafy tree in the distance, done in 
pale hues suggestive of intense light and riac- 
rity. The expresdveness of the sketch is' ex- 
traordinaiy and it bursts with an energy en- 
tirdy lacking in the picture. 

. As if forcibly drawn to his subject C lau de 

gels closerto it with sketching pen in hand. The 


m 
nse- 

nm in Oxford. A powerful sinuous line is 
enough to indicate a river bank. Across the 
water, a tower and tall houses nesting in a 
damp of trees fit lightly into the composition. 
Claude remembered the tower and one of the 
houses when be painied “The Marriage of 
Isaac and Rebekan,’’ dated 1648. There, they 
are puny picturesque details far away and 
could be removed without so much as leaving 
a noticeable hole in the composition. 

Even more enligh tenin g is the comparison of 
the 1648 painting with the preparatory study 
forit The masses of the treses areproparoanally 
bigger, the foreground has a vigorous structural 
rhythm, the estuary is a narrow strip of water 
setting off the low mountains outlined on the 
horizon. A powerful coheave logic is created by 
the billowy lines of the clouds, the foliage and 
the contours of the river bank. 

I N the painting, all this gets polished off 
in tte finery of carefully crafted detail. 
The douds are reduced to shaded trails 
of color, the ground is flattened, the 
estuary considerably widened. Most reveaKng- 
ly, humans are conspicuously absent from the 
preparatory drawing. One tiny, formless and 
/access figure, more like a stick of wood, would 
go unnoticed if Wine did not point it out This 
is the most damning indictment against the role 
of the human figme in Claude’s art when as- 
sessed in purely visual terms. The preparatory 
study proves thatalnxst to the last minute; the 
artist conceived his landscape without a human 
presence. He added it as an afterthought, in 
order to deal with the stated subject matter. 

It is no accident if the most beautiful 
mgs by far are those nearly devoid of c 
ters. ‘^Landscape With Hagar and the Angel" 
with the characters ddngjustice to the theme in 
a comer but otherwise easily dispensable, is 
one. “Landscape With Psyche Outside the Pal- 
ace of Cupid” of 1664 is another. Psyche seated 
alone in the vast solitude of apanorama is quite 
with one or two figures in 
could man- 


Basquiat: Frailty and Tension 


that Claude 


a composition was 
age. 

Right at tte end, tte wonderful “Landscape 
With Ascamus Shooting the Stag of Silvia,” 
painted the year Claude died, 1682, shows there 
was an alternative — a few figures grouped 
together in a corner. Looked at closely, Ascap- 
ius is a giant with a dwarfs head chi 
attached to tte body, but, mercifully, it b 
rerdictacthati 


into tte I 


tis 


The verdict at tiut pom 

that the 17th-century admirers of Claude, and 
Reynolds after them, got it right. 

The FngHsh painter must have the last word: 
“Claude Larrain had shown more discretion if 
be bad sever meddled with [mythological] sub- 
jects." 


By Michael Gibson 

International Herald Tribune 

P ARIS — The exhibition 
devoted to Jean-Michd 
Basquiat at the Mus£e de 
la Seta is far from being 
as complete or well-chosen as the 
large one in MarsezUes in. 1992. It 
does, however, offer an adequate 
idea of the painter's work, and it 
includes a video with some intrigu- 
ing insights into his personality and 
thus into the underlying signifi- 
cance of his work. 

Back in the nnd-’80s graffiti art 
was tte height of fashion and most 
of it was dull and grossly overval- 
ued. There were figures like Keith 
Haring who deployed the sort of 
manic charm one associates with 
pop musicians. There were some 
ambitious but inarticulate fellows 
who realized there was a buck to be 
mad e here. And then there was 
Basquiat — a shy, bright, vulnera- 
ble, prickly and ambitious angel 
hurting his chaotic perception of 
himself and bis world onto whatev- 
er surface was at hand. 

Basquiat (who objected to the 
“graffiti” label) began his meteoric 
career at the age of 20, in 1981. He 
was bom in Brooklyn in I960, the 
son of a fairly well-off middle-class 
family (a Haitian falter and a 
Puerto Rkan mother). 

In the mid-'TOs, Basquiat was 
enrolled in a special school for gift- 
ed children. By then, be haa al- 
ready run away from home twice. 
He had also tried drugs. It was 
about that time that he and his 
friend Al Diaz took to spraying 
graffiti on the walls of New York. 

In 1978, Andy Warhol who was 
dining in a S 0 H 0 restaurant, hap- 
pened to buy one of the postcards 
the young man was then making 
from collages of Xeroxed images in 
order to earn a living of sorts. War- 
hol took him under his wing. In 
1980 Basquiat began selling his 



Basquiat self-portrait. 

paintings 'and critics took to dis- 
cussing them in solemn idiom. 

Before even deciding whether one 
likes these paintings or not, one is 
struck by tte jarring tension that 
often runs through them. The con- 
tent is incoherent. Unrelated images 
stand juxtaposed or superimposed 
— some carefully drawn, others 
crudely scrawled, fragmented, frac- 
tured, incomplete. Wads, equally 
unrelated, pepper the canvas. A hu- 
man head appears in many of tte 
paintings, full-face, pan self-por- 
trait, pan African mask, part s ku l l . 
Sometimes h is a black death's-head 
with empty white eyes. 

The video is fascinating because 
it shows Basquiat interacting with a 
critic earnestly striving to do his 
job. in the accepted maimer. Bas- 
quiat sits uncomfortably scrunched 
up like a cat cornered by a friendly 
dpg. He is quick, unpretentious, 
untrained in the jargon of his trade, 
and excruciatingly sensitive. The 
critic asks the plodding questions 
critics sometimes ask, and Basquiat 
disconcerlshim by evading them or 
by intentionally misconstruing 
them to discomfit die questioner. 

“There's a primal energy in you/ 


paintings,” the critic at one point 
declares. “You mean, like an ape?" 
Basquiat retorts with a swift, dis- 
arming smile. “A primate?” The 
nonplussed critic doesn’t even at- 
tempt to field that one. “What’s 
this?” he asks, pointing 10 a figure 
on the painting. “A flea." 

“I see. And why did you put it 
there?" Basquiat shrugs; “Because 
I wanted to.” There is no aggres- 
sion in his voice. He even laughs. 

The interview reveals certain sig- 
nificant aspects of Basquiat’s char- 
acter — chiefly his quick, untutored 
intelligence, his vulnerability and his 
healthy reluctance io go along quiet- 
ly with anyone attempting to fit him 
into any established category. 

At first glance, his paintings 
might seem to be random accumu- 
lations of unrelated images. Cer- 
tain critics are determined to de- 
crypt “’statements” in them: 
“When he paints tepees,” one deal- 
er declares, “it’s a political state- 
menu” So the stultifying shadow of 
PC reaches even here! 

If, ou die other hand, we view 
them as the unpremeditated expres- 
sion of tte disconcerting (and dis- 
concerted) way tte artist constantly 
perceived the world and own per- 
son, the import drifts significantly. 


In the paintings, as in the man, 
there is a combination of furious 
resentment and poignant psycho- 
logical frailty. One suspects that 
the chaotic content and the form 
itself conveys a loi about the way 
certain young people experience 
their existential situation in tte 
United States today. They bespeak 
a fractured ego living in a world of 
deeply troubling discontinuities. 

But what about the incoherent 
sedimentation of words that are 
scrawled afl over so many of the 
paintings. This too may be a way of 
fracturing the stilling normative dis- 
course. But it may also remind one 
of tte extraordinary, incoherent 
proliferation of tte written word in 
the neon advertising and billboards 
that saturate American cities. These 
constitute yet another discourse that 
offers no solution to the existential 
discomfort of the artist and his 
peers. 

All these tilings come at one with 
a weird, naive and suffering inten- 
sity in Basquiat's paintings. Hie 
artist died of a drug overdose only 
seven years after his first show in 
New York, at the voy time he was 
becoming world famous. 

The show tuns through Feb. 26. 


Inside the New Concorde 



By Suzanne Siesni 

NcwYbrkTrnxSe**, -■ 

, rEWrYORK. -- ft this 
I-J30ttbe-Qsual tript&tbe 
1 airport: no luggage to 

, __ check in, ito ca ny on, 

no iickeL Just an iBtrigWDg invita- 
tion to see bowibe French d«sgn« 
Aiidrie Putman had pot her ms- 
iinctjve sigoatw* tte interior of 

tteAirFrmffCtmcordn 

.•< For Putman, the redesign 
marfcect tte cutannatioa of years or 
Paris-New . Ycrk-Paris fo rays. A 
freaueht tiavder an tte supersonic 

e, she $as ui the iabri of 

r g mental list of all tte nn- 
iiexftsste could make to the 

rwitojsstaffiltitafteniHfli- 

tetiteivahd,..; . 
r'Afcw tnombsago, P^hn aowa s 
itroiedTO participate m a compel 
tipn to change tte look of tte Cod- 
ifanfc. *! thought I: was dreaming, 
.tiai it svas B fairy tak," die raid. 
*Tte always thought of the Goo- 


she said. “I realized how mhdi I 
distiked tte fuggage'racks, tte col- 
as, the shape ra the seats.” . 

" Bernard Bazot, Air France's vice 



* am .that was not perfec^- 

' “I wanted to < * 


' , J 1 - ■ 




4e United Sates, said it cost $1 
imTKrin to redeagn the interior of 
five of tte fleet’s seven Concordes 
(thcotter two are backups). 

AT Kennedy International Air- 
port, agroup of viators was invited 
to go to the hoaiding^g 3 te,hreae 
past teemfy mw watt ®ngte 
onto the skek, narrow Concorde. 

. Pn tman pcrated out the softer 
curve of die. luggage compart- 
ments; tte higher, rounded tead- 
restsin what ShessBed *tte spirit 
of Babar,” a reference to the wdl- 
; raveled elephant of children’s sto- 
ries,Wttenew gray, navy hfae 
.arid' beige carpeting with its geo- 
metric frieze miming tb t length of 
dw TWO cabins. 

Tte immaculate white cotton, 
piqufc headrest covets seemed; to 
leprMeotaJQDdofsohfiHimd 

rfty blan ket 

- become- nervous, she sad, 

that tte. covers go to. the laundry- 
right after the plane lands 


7 1 - 

-» 


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York please ctyrtatJ Kenjr Mabaanrouge & Co. Inc. 16 East 05th Sura, fifdi 
floor, N.Y. 10021. Phone: (212) 73~.35.97/73---3R-l 3 

Rk:<212)«S1 14M . 

— — - Friday, Feenjaiy ll 

Room 5 at 2 tun. - FURNITURE & ORJEIS IFAlfr. AMR TAJ AN. 12, rue 
Favan, 75002 PARK. Td^ O) 4Z.6l fW.07 • Fax (1) 42.61.39.57. In New 
York please conact Kerry MaLsonrvwpe & Co. Inc. 16 Eas b5th Sheet, fifth 
S. N.Y. 10021. Phone: 1212) 737-35 P7/737.3R. 13 

Fax: C21Z) Rfil.1454. 


BARBRA STREISAND 



Christie's Is pleased to announce tile sale of 
Fine and Decorative Arts from ttte Collection, of 
Barbra. Streisand, to be sold Maxtib 3 and 4, 1394 
in our New York gaDertes. 

Pieces fnnn the Collection win toe on view on 
February 2 and 3 in Tokyo and Fetoruaiy 8 and 9 in Paris. 
For farther information, please can 
Christie's office in Tokyo at (813) 3571 0668 or 
Gristle's office In Parte at (381) 42 56 17 66. 

A beautifully diseased set of catalogues includes 
interior views of Barbra Streisand’s ele^mt 
Art Nouvean collection and Art Deco home. To order. 
ptoeoatGiristters FoUkationsinflielLK.ah (071) 839906a 



CHRISTIE’S 




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Write to Trib fndex.481 AwnttaXXwles do Gmrih, 32521 NetriOyCudeKFtance. 




. Ottfacnaflooft Hank) Tiftxxw 


H.K. Bank 


iigntens 

Mortgages 

Aim hto Cool 
Luxury Market 

Bloomberg Business News 

HONG KONG — - Hongkaqg & 
Shanghai Banking Corp. an- 
notmad measures on Friday to 
cool Hone Kong’s overheating 
market for luxury apartments, say- 
ing it would reduce the amount of 
financing it provides and raise its 
interest rates. 

- The bank, as well as its subsid- 
iary Hang Seng Bank, will now give 
buyers of beanies costing 5 mmron 
. Hong Kong dollars ($641,000) or 
: mom a n fflE »rinT n ranng ngp of SO 
. percent, down from 60 percent pre- 
viously. The banks also increased 
the interest rate on such mortgages 
by half a point, to 8.75 percent 
- “We decided we needed to im- 
plement these measures now to 
stem the growth of lending on luxu- 
ry property and the growth of our 
mortgage bo ok as a whole,” said 
> Edwin Lau, Hongkong Batik’s as- 
sistant general manager for retail 
banking. Analysts estimated real 
estate accounts for 35 percent of 
the bank’s loan portfolio. 

Deluxe home prices rose 63 per- 
cent last year, according to the real 
estate brokerage Jones Lang Woot- 
. ton. They have efimbed at an even 
faster pace in the first four weeks of 
1994; up to I percent a day, accord- 
ing to some estimates. 

Rumors about the announce- 
ment, which «imp after the stock 
market had dosed, drove Hong 
Kong shares down, with real estate 
stocks the hardest hit. 

The Hang Seng index fell 9239 
points, or 021 percent, to 11,377.83. 
Sun Hung Kai Properties fell 1 20 
Hong Kang dollar to 6530 dollars 
($830). New Wodd Development, 
another real estate concern, slipped 
a dollar to 3630. 

“Oeady there is concern ncit only 
about the impact any move could 
. have on prices but over wfaetba - the 
volume of transactions could dry up. 

as that is uhat would affect the 
profits of property companies,’' said 
Andrew HaQ, research director at 
Morgan Grenfell (Asia). 


A Vodka Lovers 9 Ukraine? 

It May Be, if Your Name Isn’t Seagram 


By Jane Perlez 

New York Times Service 

KIEV — Seagram Co. arrived in Ukraine two 
years ago. eager to do business in a vast market 
whose people were known for their fondness for 
vodka. 

The company was pushed along on a romantic 
notion — that it was returning to the homeland of 
its founder — and it had grand plans for a new 
vodka that could be sold in Ukraine and exported 
to Russia, as weQ as to the WesL These would be a 
plush showcase store in decaying downtown Kiev. 

The store, replete with fine ffrnarffon maple and 
Ukrainian marble, towering ceilings and glittering 
chan d eliers, was unveiled by the scion of Seagram 
Edgar M Bronfman, in July. 

Rare liquor and brandy, iachKtmg 5290 bottles 
of vintage Cognac, nestled in bine satin gift boxes, 
sell out as black marketeers spend their dollars on 
the most expensive items they can find. The cham- 
pagne and Irish whiskey do not do badly either. * 

But the heart of the Seagram venture, the pro- 
duction of vodka at a plant in the west Ukrainian 
city of Lvov, is stalled, by a suspicious, chaotic 
and, some would say, greedy government. 

The Seagram story provides a stark illustration 
of the difficulties in starting a business in the 
transitional economies of the former Soviet Union. 

Ukraine may now be the toughest place; as 
hyperinflation spins toward 100 percent a month, 
the gray-market economy blossoms at the expense 
of the official one, and legislature and president's 
office issue conflicting laws and decrees on taxes 
and foreign currency. 

There are 52 milh rm people in this country, bui 
there is no commercial distribution system and 
little brand consciousness. 

That, after all, has been Seagram's stock in 
trade, with such famous labels as Cfcivas Regal and 


legally and make a profit," said Walter Kish, 
Seagram's manager here, who like Mr. Bronfman is 
of Ukrainian descent. Mr. Kish cited a slew of 
onerous decrees: a rule forcing companies to 
change half their dollar earnings into local curren- 
cy at an artificially low rate; excise-tax increases 
that tripled the price of locally produced Sea- 
gram's vodka; a ban on markups of more than 50 
percent of production costs, and abolition of the 
free- market currency auction. 

If that ware not enough, foreign business people 


'It is now impossible to do 
business in Ukraine legally 
and make a profit . 9 

Walter Kish 

Seagram's manager in Kiev 


ft is now impossible to do business is 


complain about pervasive corruption. They assert 
that unless a contribution is made to what is 
loosely known as Lhe “ minis ter's pension fund," 
officials refuse to give the required permits. 

_ When Seagram decided to come to Ukraine, the 
picture looked pro mising, especially for a compa- 
ny whose products were selling sluggishly to West- 
ern consumers concerned about health. Launching 
itself among the drinkers of Ukraine and Russia 
seemed to Seagram an appealing change from the 
slog of fighting for market share in the West. 

The Ukrainian government, in its original for- 
age investment law in 2992, granted tax exemp- 
tions to draw outsiders. Among those who took the 
bait were Tambrands Inc„ the maker of femimne- 

See VODKA, Page 11 


Funds for Palestinian Entity 


PARIS — International aid do- 
nors haw agreed to fund most, but 
not all, of the start-up costs of Pal- 
estinian self-rule in the Gaza Strip 
and Jericho, the Wodd Bank said 
Friday. 

At a meeting on aid to (he occu- 
pied territories, donors endorsed a 
proposed Palestinian budget for 
1 994, pledging $120 million toward 
covering a budget deficit of $158 
million, CaioKoch-Weser, a World 
Bank vice president, said. 

“Jt doesn’t look as if we have 


been able to get all that we needed 
to achieve a balanced budget." said 
Nabil Kassis, head of the Palestin- 
ian delegation, "but 1 am quite sat- 
isfied." 

The donors include the Europe- 
an Union, the United States, Japan 
and some Arab countries. 

Much of the money was ear- 
marked for the Palestinian police 
force that will take charge of local 
security race Israeli troops with- 
draw. 

Funds will also go towards cen- 
tre] administration, the rehabilita- 


tion of prisoners released by Israel ' 
and job creation. 

Western donors nor mall y inri« 
that aid go to specific, agreed pro- 
jects rather than to general govern- 
ment expenditure, but some were 
prepared to make an exception for 
the nascent Palestinian administra- 
tion. which will initially have limit- 
ed tax revenue. 

Altogether, donors have pledged 
$570 mulion in aid for 1994, most 
of it for basic infrastructure pro- 
jects such as roads, water, sewage, 
electricity, hospital and schools. 


BankAmerica 
Paying $2 Billion 
For Continental 


Compiled by Our Staff From Dispatches 

SAN FRANCISCO — Bank- 
America Corp. said Friday that it 
bad agreed to buy Continental Bank 
Corp. of Chicago for $19 billion in 
stock and cash in the sixth-1 argest 
hsmVing combination ever. 

The acquisition is BankAmeri- 
ca’s first major purchase since 
1991. when it acquired Security Pa- 
cific Bank of Los Angeles in what 
became an expensive and heavily 
criticized transaction. 

The BankAmerica-Con linen tal 
combination will yield a bank hold- 
ing company with assets of $209.6 
billion, behind Citicorp among 
U.S. banks, with more than S216 
billion in assets. 

The deal will expand BankAmer- 
ica’s corporate banking operations, 
which will be consolidated in Chi- 
cago and will result in the layoffs of 
up to 800 people over two years. 

"We complement each other re- 
markably well in terms of business 
lines, balance sheets, and geographic 
presence." BankAmerica's chair- 
man, Richard Rosenberg, said 

As pan of the transaction. Conti- 
nental's chairman and chief execu- 
tive. Thomas Theobald, is resigning 

The deal is an example of the 
increasingly aggressive consolida- 
tion of the banking industry. The 
trend is picking up steam because 
revenue growth at banks has been 
weak, and analysts say mergers are 
needed to sustain earnings growth. 

The effort began in 1991 when 
BankAmerica acquired Security 
Pacific in the largest-ever merger, 
valued at $4.7 billion. The transac- 
tion came under fire as BankAmer- 
ica posted higher-than-expected 
losses from Security Pacific’s loan 
portfolio as California's real estate 
market slid into recession. 

Also in 1991, NCNB Corp. ac- 
quired C&S/ Sovran Corp. to form 
NationsBank Carp, in the second- 
largest merger, valued at $43 bil- 
lion. C&S/ Sovran had been formed 
through Sovran Financial’s pur- 
chase of Gtizens & Southern. 

Other big mergers involved Key- 
Corp and Society Corp.. and 
Chemical Banking Corp. and Man- 
ufacturers Hanover Corp. 


Continental, in one of the most 
dramatic episodes in American 
banking history, was rescued with 
help from the Federal Deposit In- 
surance Corp. in the early 2980s 
and then was restructured, never 
returning to its former stature. 

BankAmerica, battered by mas- 
sire real estate losses in the same 
period, has staged a dramatic re- 
covery and is now one of the most 
profitable U.S. banks. 

BankAmerica's shares dosed at 
54525. off 50 cents on the day. 
Continental Bank's shares rose 
$6,625, to $3430. 

The transaction values each 
Continental Bank share at $37.50. 
BankAmerica will issue 21 J5 mil- 
lion common shares and pay $939 
million cash for the Chicago bank, 
with Continental shareholders 
choosing between cash and stock. 

(Bloomberg. Reuters) 


Banesto Agrees 
To Cut Capital 

The Associated Press 

MADRID — Banco Espanol 
de Crtdno agreed Friday with 
tbe other large Spanish banks to 
cut its comma] share price to 
400 pesetas from the 700 pesetas 
as part of a plan to rescue it, the 
Bank of Spain said. 

Tbe central bank said the 
other banks also agreed to re- 
capitalize Banesto with a ISO 
billion peseta ($1.29 billion) 
rights issue. 

Banesto has agreed to inject 
320 billion pesetas of its own 
funds. It will also apply 244 
bQHon pesetas in reserves and 
cut capital by 49 billion pese- 
tas by slashing tbe nominal 
share price. 

The central bank took over 
Banesto on Dec. 28, saying the 
bank had a shortfall in net 
worth that threatened Spain's 
attire financial system. The 
shortfall was later found to be 
605 billion pesetas. 


onetarism 


By Sylvia Nasar v 

New fork JjmaSrrricr^, .... 

N . EW YORK —For tisefifjt tuftsin 30 . 
years, the US. 'axmaw^^'pnZlod 
it9df out of recesoa^BSh^benda 
of a ggnificant tax :<au ^ btgst of 
government spending, - -■ 

Although the recovery has slapped-seme region* 
and left many workers still without jobs, others nave 
hailed it as a modd expanse 
growth and faffing unemjdoyinent : ■> 

A norimflationary recovery has beat a kind of 

U^ule cutting taxes ami mcreasing spending have 
proved useful in temporarily increasing eoqrionuc 
growth, that growth often seemed to be coupled 
with the seeds erf higher inflation..-'-. 

In the recoveries. of the 1960s and JPTOvJor 
example, the. price of extra. stumtinsAo ft&'econo- 
my was, higher inflation. Some ccraanristsaixucd 
tha t monetary policy would, have danfc' the job 
better, bat many oinexs doubted that inanetary 
policy alrae would suffice. . 

To some economists, tbe biggest lesson of tbe 
nearly ihree-yeax-<M recovery b that monetary 
policy — and particularly lower interest rates — 
can be a potent tool for pulling the economy oat of 
r wv^ ofl, perhaps as potent as the tradirio a&l to ols 
of fiscal policy: the tax cuts and government 
wndiBg used by presidents from John F. Kamo- 
tfyto Ronald Reagan. 

“In * period j wbea fiscal pdtoyisfrozt^.nKMe- 
taiy policy can do it," said Benjamin M. Friedman, 
an economist at Harvard University. . ' . 

“The recession ffidnT turn into a depression and 
we got through the recession without financul 
fragility causing some kind of rupture,” he said- “If 
that’s what you mean by soft lan ding, then mars 
what we’ve had, and cretfit goes laigdy to 
monetary policy." ? 


Mr. Friedman and other economists cautioned 
that rite effectiveness of mooetazy policy dqxmds 
in part on the particular drornnstances. Monetary 
policy alone might not have been sufficient if tbe 
economy bad been as sick as some people bad 
.feared. 

Pent-up consumer demand, renewed consumer 
confidence and growth in Third World export 
maftets, all not direefly tied to monetary policy, 
added, to (he economic momentum- Others alio 
said the nonmfiatiraazy Dature of tbe recovery 
owes'as'mndi to the weakness of the rest of the 
wodd as it does to the particular magic of mone- 
tary poficy. 

Nonetheless, there is a new respect for the pow- 
as otf monetary policy — andfor the success of the 
Federal Reserve Board’s low-in tercst-rale strategy. 
The Fed, winch had rased rates by three percent- 
age points in late 1989 to ward off inflation, has 
since brought rates down to the lowest they have 
.been in 20 years. • 

That does not mean that presidents are hkdy to 
become converts to tbs monetarist creed; Tax cuts 
and spending have a voter appeal that monetary 
poficy amply does not offer. 

It is cenamly posable that the announcement of 
a fiscal stimulus plan early in. this recovery could 
have^ helped to restore consumer confidence soon- 
er, though al the risk of fanning financial markets. 

Unlike a tax cut, which puts money in pay- 
. checks, or pubfic works spending, winch employs 
. people directly, same of the workings or monetary 
pohey: are indhect and for removed from the aver- 
age household pocketbook, low mortgage rates 
aside. 

But wiTHng or not, as long as the deficit remains 


fcsg enough to worry voters, presidents may be 
forced to let the Fed do the heavy lifting, while 
they focus on mkztMneasores — extending jobless 
•:< Sec POUCY, Page 11 


Malaysia 
To Build 
Theme Park 

Agence France-Prasc 

ALOR STAR, Malaysia — Ma- 
laysia has signed a deal to build a 
muJlibiili on -dollar international 
theme pads, officials said Friday. 

The Jerri Internationa] Park is to 
be bitilt on a 2,835-hectare (6300- 
acre) site facing tbe Malacca Strait 
: in the northern state of Kedah. It is 
to include recreational, cultural, 
trade and convention and high- 
tech entertainment centers, a film 
academy and studios. 

The park is to cost 17 billion 
ringgit ($6.8 bilfira) and be Malay- 
sia's most expensive project Malay- 
sian officials said the park would be 
logger than Walt Disney Co.'s ven- 
tures near Paris and Los Angeles. 

Prime Minister Mahathir ten Mo- 
hamad witnessed the signing Friday 
of the jdnt venture in AlorStar, the 
capital of Ms heme stale of Kedah. 
Tbe pact is between the state gov- 
ernment and. two Malaysian compa- 
nies, Suria Ekfilrlmaf Sdzu and Duta 
Pram Sdn_, to develop the park in 
four phases over 16 years. 

Suria Fksklusif is to hold 60 per- 
cent of stake in the venture with the 
remaining shares equally divided. 
Its managing director, Florence 
Tan, said “the project’s develop- 
ment wQl take us cue from the 
urban fabric of Alhambra in Spain 


searide resort win be developed 
along the fines of the medieval 
Mediterranean towns of Europe." 


CURRENCY & INTEREST RATES 


Cf? c'is Rates - ** 8n " 

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CMkiur* IBM -ISOM U -■«. 


EuroouiTM»cy Deposits 

■V 5Msf 


Somes: Umrims, Lkr/ds ftnfc. 

Mf mmeceur to Montm* amosrisofSI nrimtmMmmiareouhitMI. 





Jan. 28 


Frencft 


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Storting 

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WPA 

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Mon«y Rates 



c * n “ 0 ' TS 'amen* i*nor :: ram 3 maw t33W. 

P omp ne r tm - v .Mg. : ™ w -ww TOfcSa MMt WJ1 

rwnrtriTKTnr 13*. t/* 52 . VT: ■- • -• 

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smnrn: ING of r#vo(Tt**»t Bond ***** Cona* 

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Coam.wooervmtkm 422 X25 

HM Treosarv MB 193 191 

KvnrTnoanMB 3J3 134 

2-vMrTnmwiT defa -. 409 4 W 

seraorTreammiafe • • SJD0 iD3 

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MuomMartvak 53® 52 

6HBeetb Worfimh . S20 

renarfiwd . SJ2 5» 


1.F.L is the one and only publication devoted 


financial world. 

Reactions to I.F.l. have been 
highly enthusiastic, demonstrating 
that the magazine is badly needed 
by tire asset management industry. 


BW ban rota SVfc S Vi 

Coll money to to 

MMmtMerfxuiu to to 

mter v amtofl fate 429 429 

can money **• **• 

THTtoafU m ertmafi to to 

3-nwBtn hitorbuni. **• 

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HHneorOAT 5J1 SJ4 

Sources: neuters, Btoombere. Merrill 
Lwie h. Book of Tokyo, Commerroank, 
Ceeetmo l l Mariaou, CrtriH Lyp/watS- 

CoM 

ajul PM. ai*ue 

Zurich 3J8JJ0 3705) -425 

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Mew York 379 JO 37M0 — 05) 

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ktt 2tir1t*cml tow York opeotng art cto* 
tnoortetsi Hew fork Comex lAPrlll 
Source: Routers. 


I.F.l. is a quarterly magazine published by the Intemationaf Herald Tribune. 
Return your order to: International Herald Tribune, Simon Osborn, 


Topics include: 

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29-1-94 ' 


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Page 10 


MARKET DIARY 


Strong U.S. Growth 
Heartens Investors 


Bloomberg Businas News 

NEW YORK — U.S. flocks 
climbed to records on Friday amid 
expectations that interest rates wfl] 
stay low, boosting corporate profits 
as the economy improves. 

The Commote Department said 
the U.S. economy pew at a 5.9 
percent annual rate in the fourth 
quarter, the fastest pace in six 

H.Y. Stock* 

years. The report also said a mea- 
sure of price increases rose at a 1.3 
percent rate in the quarter, the low- 
est since 1967. 

“This is just great news,” said 
Robert S treed, who manages about 
$360 million for Nonhem Invest' 
meal Counselors, a unit of North- 
ern Trust Co. “The good inflation 
outlook allows long-term interest 
rates to drop, and better economic 
news helps the stock market.” 

The Dow Jones industrial aver- 
age gained 19.13 points to a record 
3,945.43, its 1 1th closing high this 
year. The average, up 3055 points 
for the week, has risen 5.10 percent 
in January, more than triple the 
month’s historical average gain of 
1.38 percent. 

The Standard & Poor’s 500 In- 
dex climbed 1.65 to a record 
478.70, exceeding Thursday’s high. 
The Nasdaq over-the-counter in- 
dex rose 3.65, to a record 796.53. 
surpassing its (rid high of 794.29, 
set Jan. 21. 

Five stocks rose for every three 


4 th-Period GDP Data 
Push the Dollar Higher 


Compiled by Our Stuff From Dapatdta 

NEW YORK —The dollar rose 
Friday in active trading after re- 
lease of strong data on the fonrtb- 
ouarter gross domestic product, 
dealers and analysts said. 

The Commerce Department re- 
ported that U.S. output jumped 5.9 

Foreign Exchange 

percent in the fourth quarts, the 
biggest improvement in six years, 
compared with forecasts of a 5.5 
percent increase. 

The dollar rose to 1.7420 Deut- 
sche marks from Thursday’s 1 .7290 
DM. Against the Japanese curren- 
cy, the dollar rose to 109.80 yen 
from the previous 108.85. 

The pound eased to $1.4965 
from Thursday's $13100. The dol- 
lar moved up to 5.9170 French 
francs from 5.8812 francs and to 
1.4690 Swiss francs from 1.4612. 

David Gilmore, an analyst for 
MCM CurrencyWatch, said the 
dollar rebounded after hitting a 
low of 1.7190 DM on a smaljer- 
ihan-expected rise in the fourth- 
quarter GDP price deflator, an in- 
dicator of inflation. 


“A couple of hedge funds seem 
to have come in that, sensing the 
market was all oneway, and started 
taking in as many dollars the? 
could get, causing interbank deal- 
ers to cover their short positions, 
and thus fueling the rally,*' Mr. 
Gilmore said. 

A Banque National de Paris 
dealer said the dollar also benefited 
from market sentiment that it was 
undervalued on a fundamental ba- 
sis against European currencies 
and the yen. 

“In addition, the news that Japa- 
nese Rime Minister Hosokawa 
reached a compromise over politi- 
cal reform with the LDP opposi- 
tion boosted the U.S. currency 
sharply against the yen,” he said. 

Traders said the compromise 
signed Friday was far from the end 
of Mr. Hosokawa’s problems, with 
the economic stimulus package and 
trade negotiations stiU to be re- 
solved. Traders said that with the 
United States trying to put pressure 
on Japan for trade concessions, the. 
<krilar-yen rate can continue to be 
buffeted by comments from Ameri- 
can officials. (AFX, Knight-Ridder) 


INTERNATIONAL 



SATURDAY-S UNDAY, JANUARY 29-30, 199* 



MsAbmM^w 


that fell on the New York Stock 
Exchange. Trading was active, with 
about 313 million shares changing 
hands on the Big Board. 

Reflecting the belief that inflation 
is is check, the yield on the bench- 
mark 30-year Treasury bond 
dropped as low as 6. IS percent from 
Thursday’s dose of 626 percent. 

“As far as I am concerned, the 1 
outlook for stocks is bullish.” said 
Thom Brown, managing director at 
Rutherford, Brown & Catherwpod , 
Inc. “Rates are low and earnings 
are growing at a robust rate.” 

Texas Instruments Inc, for exam- 
ple, beat analysts’ expectations with 
a 72 percent increase in fourth-quar- 
ter earning s. Shares of the semicon- 
ductor company dosed up % at 71 
after dang as high as 72%. Net in- 
come increased to S1.42 a share 
from 80 cents in the prior year. 

McDonnell Douglas rallied 2Vj 
to 1 14. Analysts expect the aero- 
space contractor to raise its divi- 
dend for the first time since halving 
the payout in 1991. 

Teledyne, a defense contractor, 
dropped 2% to 23%. The company 
suspended its 20-cent-a-share quar- 
terly dividend. 

America Online Inc. soared TA 
to 60% after the provider of elec- 
tronic services said quarterly earn- 
ings increased 55 percent on a 130 
percent gain in revenue. 

GP Financial Corp. dosed at 19 
in its first day of trading as a pub- 
licly held company. 



DmiJonaak 


(ram 3«4X7 39S3XT 392601 3MSX3 +W.13 
Trans 1837.73 183401 ISZl* 1336* + 13X3 
Lftfl 224X7 227 JS 225.15 225X2 —0.19 
Como 143409 1435X1 1474X7 1432* *TM 

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EUROPEAN FUTURES 


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Finance 
SP 500 
SP W0 


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55*35 5044 55500 +1M 
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4A23 4579 44.11 + CJV 
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444* 441254 44U2 +1* 


NYSE Index** 


Composite 24571 >44* 245* *1* 

Industrials 324X3 322.93 324* -1.13 

Tmna>. Z8CL76 278J5 2*044 +2J29 

Utttttv 230.91 22092 229.34 -044 

Flnonea 233X5 29175 22032 -1J7 

NASDAQ ImtoXM 


Sterfteg nr metric tmtoats eTW i 

nEv Sis ?i7 SIS IS 

Jul ?24 934 729 92Q 

MP 937 931 941 932 

Esi. volume: 1X12 
CO F FEB fLCEJ 
potter* rer a*Wc ten lat * at 5 to 
JOB 1,145 1,144 1,17* 1.144 

MOT 1,177 U71 1,785 1,775 

MOT 1.183 1,185 1.187 1,179 


Mar 1,177 1,178 1,785 1,175 

MOT 1.183 1,185 1.187 1,179 

Jal 1,175 1, 76 LT71 1,172 

Sum 1.175 1, 77 1,778 1, 174 

NOV 1,175 1,177 1,171 1,T7* 

Jn 1.775 7, 77 1,17* 1,771 

Estwtaume:ZX71 



NYSE Most Actives 


■Compa*8« 
tndustriots 

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Transp. 

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813.19 82206 833.19 - 3-30 
70045 49045 49074 +1J1 
937X1 933.9* 93049 +1* 
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7*155 77907 779X8 —125 
184.17 18058 7*4.17 -1* 


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Forward 518* 519* 

NICKEL 


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133* +0.10 

107* —0.13 


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NYSE Diary 


H.Y.S.E. Odd-Lot Trodtog 

Buy Sales Short* 
Jen. 27 1*0577 M74J97 57,157 

Jon. 24 1321/32 1474JW 22766 

Jan. 25 1JJ45JM9 1442571 44483 

Jan. 24 V78J22B 1S22J29 29*3 

Jan. 21 7*&3S7 7*7518 62*3 

‘Included tn the sales fknunts. 

S&P 10O Indox Options M 


Advanced 

Declined 

Unchanged 
Told issues 
NMDHiBhS 
New Low* 


1317 13» 

773 7*4 

461 439 

2751 2732 

149 101 

9 72 


Amez Diary 


Advanced 
Declined 
Unchanged 
Taft* Issues 
Newrtghs 


NASDAQ Diary 


Advoncad 

Declined 

Unchanged 
Total Issues 


ana astuast 
PiUFd Mar Apr Mm 


395 — — — — 

« - - «fc - 

« - 104 - - 

04 - - 31* - 

AS - - - - 

OB 309. - BR- 
OS 16* Ufe 17R - 


Joe. 27 

mtutf 

M HP Mr MW 

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to Ik H 4V. 
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14 A H - 
3* 5to 7to 991 
4to I 12 — 

llto 11 IM 17 

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Prta Dec H Decs Dec 94 Dec 94 Decs Dec* 
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12lh 

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w* 

Vto 

V 

Uto 

351 

319 

no 

6b 

tto 

s*. 

15V. 

7W 

2B2 

6fi 

114 

TV 

5to 

V 

215 

237 

49 

% 

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5 

m 

838 

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V. 

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ito 

— 

33 

26 

468 

to 

to 

1 

114 

3 


Ddb: DM vol 12292* 
! Rte: totta mil 117,227; 

total 

Mi 


Renault Eases Res That Bind It to Volvo 


Rnuers 

PARIS — Reaauit said Friday that it had began 
dismantling its links with its estranged Swedish 
partner, Volvo AB. and industry analysts said 
most ties should be severed before the French 
automaker's privatization later this year. 

Merger plans feD through last month when Vol* 
vo's board rebelled, fearing a French state take- 
over, and took the chairmanship from Fefar Gyi- 
lenhaimnar, who had strode the deal with Renault. 


“It is unrealistic to privatize Renault with the 
current structure,” said Patrice SoLaro, an automob- 
ile company analyst at NatWest SeQier. He said the 
two companies would have to dismantle all folks 
except for some industrial cooperation a gr eements. 

“Renault wiD try to get a global divorce but 
continue to trade with them on an arm’s-length 
basis,” said Keith Ashworth Lord, an analyst at 
Daiwa Institute of Research. 


UA/ATTn* 


PK 


910 911 

910 m 

jo as 

929 930 


TiTSf 7,789 
1.791 1,192 
U82 1,183 
7.184 1.185 
1.183 1.1*5 
1.1*2 1.1*3 


Industrials . . 

MM* LOW Loot SaMte OfN 

uxSoUHtoMT uratrk: foiMob •» 1* ton 
M 14475 743* 14S50 1417S — 3J0 
Mar Mb* 744* T44W 14475 —275 
Apr 14475 14375 144* 144* —US 
MOV 143* 1C* 14275 14275 —1* 
JOB 14275 14250 W2JS 14375 — t* 

Jut U4J0 14375 144JQ 144* n -re 

APB 14658 lS* 144* M7* — 0* 
Sum 14775 148* W9-25 14978 — SS 

ssi 

SS JSS its 

Eta. woturne: 17791 . Opw IM. 172443 

BRENT CRUDE OIL (IPS) 

US. drttars par taamfMi oM*l tentat 

Mar 1453 ua u . 32 rut +em 

APT 14.14 13* U.12 14.10 —a* 

Mar 74.16 TUB 14.10 14.TQ — £04 

5? $k ag-.«=» 

S gs.ug ns 

OCT NX K.T. N.T. 1483 — 0H7 

NOV 1450 14* 14* 14* —057 

EM. vatema; 4S7P4 , Opcnfcrt-14 2982 

Stock Indexes . 

nsBrift' 1 *- cta, °^ 
ssr m n ass ta 


34* + 1* 
285* + 7* 
■: 1751. Opon Int^ 74321. 


Metals 


7225* 1230* 
^244-00 7244* 

7860* 1841* 
1*81* 18*3* 


517* 371* 
529* 530* 


Texas Instruments Profit Up 72% 

dnoor sales. It also ann o un ced plans to ait 700 jobs 
ics and consumer and peripheral products. c , A1 chare, in the 
Teas Instruments «£edi 51* ntita. ^S^Sareaycar 

quarter endhigDea3L It earned S78anDioo,<»W^^ P® wniptL 

eariier. Revenue was $237 biDion, up 19 percent reaihs and 

U attribaited the profit growth toiraproved ^ 

royaler revenues, Trthdi <&nbed frran $89 millkm to $ 133 
compmy’s^ Sw up 6ZJ4 cents, at $71 JO per diare, on^ the^ New 
Stock Exchange eaiiy Friday afttmioan. 

SheU4th-Quarter Earnings DouHe 

HOUSTON ffildombMl — ' Shell OH Ca’s fourth-quarter earnin gs 


ana reimea proancts. • . 

Shdl's'net income rose to $152 nriffion in flmquaiw, bomSTlw^ 
a year earlier. As a wholly owned subshfiaiy « Royal Dntcn/Sfceu 
Group of companies, Shdl Oil does not report carnmgs <m a pe^saare 

basis; RevernK for the quarter slipped to $5a 6 Mien frmn 55 JVDilJKni a 

3®?®*°- • . _,i«w;r. 


rourm-quarter wrrmnp* ior me sram-iansRn u* v«* .. 

ed from reduced operating costs; better sales and lower ra w-matenai 

— — - *- m: .w. -< i — — «ato»g nf Tgfrnen MOflOCIS. 


Lond on jori Financial Futuna 
Inn Pmtntoum exchonm. 


5730* 5740* 
5790* 5*0* 


997* 998* 
7074* 7017* 


Financial 

Htefe Low O0M Ctana 

3-MONTH STERLING (UFFE) 
hSMM - P«1 Of WO pet 

Mar 94J5 94* 94X3 +0* 

Jw 94* 9L38 94.93 + OBt 

SOU 9437 94* UsZ +0« 

Dec 9454 94* 94* +054 

MW 9484 W* S* +53? 

Jem KM 94* 9441 +DJI7 

Sep 94X7 94* 94+5 +007 

DaC 9431 9424 US +0* 

Mar 94.79 94.12 94.14 + 0* 

J ^vo,«to. , ?S5l2.SSg. l «t VBrnF* 

Mar 96* 96* 96* +8* 

Jua 96JB 9636 94* +5* 

Stu> HJ.JI 96J!J 9*JJ9 +OJJS 

D*C 95J4 9470 9572 + 8* 

Mor 9153 9S33 K* +0* 

JOB n.t. n.T. 9X33 +0Jtr 

Saa N.T. N.T. 95.12 + nju 

Esf. volume: Ull.Opan Wj Tt*a 

3-MOffTH EUR084ARKS (UFFHB3 

DM1 wHiten - ate 5 wo aci 

Mar 9444 94* 94* +0* 

a 9471 9454 94* +038 

9S22 95.15 95* +B* 

DOC 9539 9534 9J37 +0A5 

Mar 9551 95X7 95* +003 

Joa 955B 9iS! 9X53 —002 

g k h ea 

i J “ , 9534 9571 9572 +0* 

| Est. voIurw: M771S. Opon Ini.: 877*1. 

I LONG GILT (LIFFE1 
05*0 - Ota • Stall at IN M2 
I Mar 11904 11805 11824 +821 . 

Jua )1M9 11809 11M4 +0-21 

, Eta. volumt: 101X85. Opon bit: 110*1. 

GERMAN GOVERNMEWT BUND (LlFPE) 
dm 250*0 - Ots or IN pta 
1 Mar 7000 70000 70037 +0X4 

JOB 10034 iOCLW 10033 + 0X3 

Est voteme: 144400 Open HA: 1TOA2S. 


xiomteumfti 

Cotto*, 0raz«B> 

Sllw.trovax 
Stata (scrap!, tan 
Tin, to 
ZTncto 

DlvWands 


Today tow. 

0*4 «**• 

.-SS ^ 

mti witi 

3.4894 3X592 

04818 . 8X79 


Bk of Bataan 
CatateAM 
Domhteusr $vcs 


Avomco Carp ■ 

CR5S Inc ■ 

Consol tomato ■ 
Coontryw UoMta 


Gtanway — 
Gorman ruap 

Manwreffan Ftn 
MKfldntStooapa 
Merchants Graao 
Mina Munllnai 
MtenMunlll 
Mian Mual Term 
Natl Data 
Patriot Pkl Dte 

jagarA. 

ssfssir 

UlSSitarSp 

Union Carte* 


INCREASED 

B .72 87 80S 

Q J2 2+ 2-25 
s Q * 3-11 8*75 

REGULAR . 

Q Jl 325 4-22 


case m aneu scnemrcai Dusme», r 

Those srm alffsetby ^ drop mavae mpxes to wai 

lowest tods m five years. 

Aetna life to EUminate 4,000 Jobs 

NEWYQRK CRm^it-Riddff) —Aetna Iifeand Caflialty said Friday 
that it^ wouldLdimmate roughly 4JXX) jobs in a cost-cutting plan aoned at 
botea^itsprofitaMiQr. 

As part of that effort, Aetna said it would discontinue the sate of 
guaranteed i nw c tmi-m contracts and sm^espraninin annuities to cer- 
tain classes of large” retirement-plan ^xmsots. - 
Aetna said it would t«V+ an after-tax charge against 1993 operating 
earnings of $1,025 bzBion for its actions. 

Metall Mining Bids for Canada firm 

TORONTO (Bloomberg) — Metaff Mining Cosp. said Friday that it 
had offered to pay 16J25 Canadian dtriiais, or S1Z28, a snare far 

t_. • * ' * . — i — t.j , rtm rtonsuwmt 


<3 .11 325 822 

e .115 M MS 
0 76 3-1 4-1 

B 33 2-14 2-34 
a .it >7i 3-t 

O * 2V 2-76 

I QwfiirywkteMtB 0 j| 8? ^ 

Q M 1-31 2-14 

Q .14 2-7 3-1 

S X7T 2-KI 2-Zt 
77 2-15 8-j 

! :8 l® 

% % in 

a IK 34 111 
a .125 2-10 325 
M *9 84 328 

B 04 321 333 ' 
I Mtifldna Stoop* Q .12 39 333 

- JH 38 34 
MJD69T2 37 323 
M JM92 37 323 
M 0319 2-7 3B 

B .71 828 1 

ill". 

5 * 31Q 324 

O 72 38 325 , 

8 .72 315 331 
* 316 318 
B .17 M2 MJ 
• Q 773 8f 311 

Q .1875 315 31 

STOCK 

Oirta-CrofT _ 3% 318 44 

STOCK SPLIT 

Otavran Carp 2 tar 1 ta>W aublact to lioMers 
approval. 

Hcamaourca Inc 2 tar 1 rotIL 
RaUroad Pinci 3 far 2 8>UL 


it says couW be one af the werid’s largest unexplored gold and copper 
properties. Metall is 50.1 percent-owned by MetBllgpseflsciiaft AG, me 
troubled metals conglomerate, winch has smd it wtxuasdl its stake m the 
Canadian unit. 

Mnsto, based in Vancouver, Britidi Columbia, has abou t 143 million 
shares outstanding,, whidt makes Metall hfimog’s offer worth about 
$232.4 million. Suites of lntemational Mnsto were ire 4%, or 38 percen t, 
at 16 at midday Rtiday. Trading was halted f<n a wmle Friday morning, 
bat when it r e sum ed more tfam*§00,000 shares changed hands in the first 
20 minutes. The thieo-month daOy average is 46,300. 

“What we arelodting at is a long-term copper and gold jproperty," said 
Klaas Zdtier, president and chief executive of Metall Mining. ^ “Am it fits 
perfectly with our strategy.” . 

Electric Vans Thrive, Ford Admits 

DEARBORN, Michigan (Bloomberg) — Ford Motor Co. said Friday 
that the long-tennevahratian of itsBcostarekctncxmSty vans begun last 


RA toS^e'Wifb Virgin Air 

Tbe Axtflctoted Png 

LONDON — British Airways 
suffered a defeat in its war with 
Virgin Atlantic Airways on Friday, 
agreeing, according to Virgin, to 
pay £265 million (53.96 mffUon) to 
settle a maintenance dispute. Vir- 
gin sued BA far £3 million seven 
years agoi, saying BA maintenance 
oE Virgin plane* had led to delays 
of np to three weeks. It was forced 
to caned some flights and lease 
some 747s- 


zero-ermssKm vdiides starting ml998. ' 

Almost two dozen more Ecostar vans will "be delivered to fleet users in 
the neal month, starting wfth a delivery this week to the Department of 
Energy’s Idaho N ational Eng ineer m g Laboratory in Idaho rails, Idaho, 
Ford said. 

Hie first six Ecostan, delivered two months ago as part of a30-month- 
long dectric vdnde test prog ram, already have logged an average 1,326 
mDcs (2, 1 56 kflameters) each in “reaT-wmid driving/’ according to Fard- 
“Our fleet customers are potting miles on thdr Ecostara, and they’re 
tdHng us it’s pafonmng voy wd,” said Bob Kiessd, Ecostar program 
manager. “But Td be the first to tdi yon that they’re not perfect." 

For the Record 

Lndo A. Note, MoW preaNent and. eftief openifag ofOcoc, has been 
elected to succeed Allen & Murray as chairman and chief executive 
officer of Mobil Crap, and Mobil Ofl CoqL, effective March 1. (Reutov) 
Tefedyne foci has said it snspeorfed cash tfiMends, “to strengthen the 
company’s financial and competitive position-" It hi^paid a quartrafy 
dividend of 20 cents on common shireiwinrori^hltc %98S^(Bk>orHbcre) 

- Remst Magazfoes Iras hfred Rotohf it Gaio&i, fon^publishcr of 
Mademdsdle, CcmdfeNastTravder and Vanity Fair, for the new post of 
publishing director of Esquire and Esquire Gentleman. . (NYT) 


WORLD STOCK MARKETS 


U.S. FUTURES 


opan ttati Ln> das* Ob Opjw 


Ag«nca Fraraa toana J«rv 28 


Amsterdam 

ABN Amro Hid 
ACP Hold too 
Aeoon 
Ahold 

Akio 
AMEV 
Amta Rubber 
Bute-Weasanen 
CSM 
DSM 
■ElSfvtar 
Folckcr 
GW-Brocodes 
HBO . 


Humer Dowlas 
IHC Cal raid 
inter Muaiier 
inn Nedcrfond 
Kuw 

KNP BT 
Nedliovd 
OcsGrMen 
Pakhoed 
Philips 
Poiyaram 
Rttoeco 
Rodnmco 

Rollnco 

Rsrento 
Royal Dutch 
Stark 
Uni lew 
Vrai Qnunercii 
VNU 

WDlterVKJwiwr 
AEXJrwd Index ; 43978 
PRHMrtBTl 


Brussels 

Acac-UM 2780 

AG Fin 3050 

Arhed eiso 

bKcI 2?S 

Cockerin 183 

Cabana 5740 

Dettabo 1580 

•EttdroMI 44W 

GIB 1530 

GBL 4765 

Gnvoert 9240 

Kredtetbank 79* 

Prlroflno 10650 

Powrarfhi. 3SB0 

Royal Beta* 5900 

SocGanBoMue 9tt» 
sac Gen Betukwe 2480 
Saflna 15300 

5o4voy I5UO 

Bar* - ob 

CrargrrSh^^nc : 77*8X2 


Frankfurt 


Helsinki 

Amer-YMyirw 716 114 

EiKb-Gutortt 42* 43* 

Huhlamakl 205 701 

KjOlP. 15.90 15* 

Kvnunonr 723 123 

fltelra 214 212 

Nokia 319 315 

Pohtata 93 94 

RcdoKj 114 115 

Stockmm 300 29S 

HWW 


Hong Kong 

Bk Eata Asia 53-50 5650 
Camay Puctfic 1370 13* 
ammo Kona 4775 4975 . 
Orfno UoMPvrr 487S 48* 
Dairy Form InTI U4D 1X70 
Hang Lung Oav 18* 19 

Hang Seng Bank 75 74 

Handofson Land 52* 54 

HK Air Eng. 45.75 45.75 
HK CMnc Co 22* 21* 
HK Electric 29X0 27 JO 
HK Umd 27* 27X0 

HK Really Trutf 24 24X0 
HSBC Holdings 713 115 

HK Slums HttS 13*1140 

HK Telecom in 15.90 14.10 
HK Ferry 13 1370 

Hutch Whampoa 4075 41 . 

Hyson Oav 2750 2770 

JordfcM Atotti. 77* 77* : 
Jartflno Sir Hid 33* 3573 1 
Kowtaan Mofgr 1870 1? 

Mandarin Orient 11* 17* 
Miramar Hotel ZUQ 23 
New World Dev 37 3773 
SHK Prone 45 66 ' 

Statux 5* 570 

Swtre Pac A 43 6150 

Tai Cheung 7>rpe 1370 74 1 

TVE _ US 3* 

Whorl HaM 3473 34* 
Wing On Inn 1U0 1470 
Wlnsarind. 1413 1440 


Season Season 
High Low 


Open Titai Law dost Chg OoJnt 


Johannesburg 

AECI 1875 11 

AltoOi 94 7. 

AngfoAmer 191 

Bariowvs N-A. 3 

Blyvnor 7* I 

Button NJL 5 

OeDoem «» 


1875 7875 
94 93* 
791 197 

KA *75 
7* 875 
KA 50* 
WO 104 
53 54 

870 870 
98* 99* 
26 26 
17 17 

49 50 



Gan cor 820 820 

GFSA 98* 99* 

Harmony 26 26 

HlghyaM Steal 17 17 

Kloot 49 * 

NadhankGro 27* 27* 

Ronatontoin 40JS <2* 

RutaHat 75 7550 

SA Brews 04* 84 

Sl H uten a N a. 4i * 

Seed 19 19 

Wallioai 42* <3 

WastomDoap 156 165 

SSS MW**" 




London 


, Aria Wiggins 
Anvil Grove 
Ass Brit Poods 


ges 

Brawater 

Brit Airways 
Brii Gas 
Brit Steal 
Brit T ate ieom 
BTR 

Cate* Wire 

Cadbury Sen 

Cnradon 

OtaftVIytata 

Comm Union 

Cauriaulds 

cccaraua__ 

EntarpnaaOH 

EurghmMl 

Ftesne 


Grand Mat 


Madrid 

IqiCen tnd Hteou ^90 ^ 

Santo 5anlonctor CTO 7TB0 
arooadas 

15^ ^ ’S 

Ibtadrtea 1 1175 1120 

Raasol 4720 4470 

^calera 42* 4235 

Tatefarrtoa 1965 19« 

wsrsw 5 ” 


Milan 

Banco Cemm 

BtaStatanoroun 
I CIR 
, end IM 
Enlctom 
Feriln 
Forth, Rlsp 
Flat SPA 
Flnmectonlca 
General! 

IFI 

itoeam 
1 taigas 
itabnabinan 

Madkoon to 

Montedison 
Ollvattl 
P Iralll 
RAS 

R:nascento 

IS%ta Torino 

SIP 

SME 

5nte 

Stonda 

Stat 

T«l«ABlRto 


AlTUouWe 
Alcatel Aistbam 
Asa 

Bancvlre (Oc> 
B1C 

BNP • 
Bouvaucs 
B5N-GD 
Carretour 
CC F. 

Cents 
Clwraauro 
aments Franc 
Club Med 
Ett-Aaulftene 
Elf-Sanofl 
Euro Disney 
Gen. Eon 
Havas 
I metal 

-LntorvO.COFM* 
Legrand 
Lyon. Eaux 
On o) IL ) 
L.VJAH. 
Matro-Hachette 
MWirtbis 
Mo alln e n 

Pachfnay lit tl 
Pernod- R1 card 

pSSenUslAul 
Radlotoctirtaua 
RtvPoulenc A 
R off. St. Louts 
Redout* (Ln) 
5«nt Gabaln 
S.&B. 

StoGenarato 

Suez 

Thomson-CSF 

Taw 

UAP. 

Valeo 


SaopauJo 

i Banco do Brasil 9900 9800 
B raws* 46* 

Brocfrsco 73X 7708 

B rahma HWc TOOa 

Poranatxnwna S700 8500 
PrtrpterB 

Tatebras 7 COQ O tyao 

Vale Rto Ooea sgOQ 5«to 
1 Varfa 90000 900TO 

I o: x Iff. 

BSSffi'fSfc 4 *”’ 


Singapore 

_.a* no 7* 

City Dew, 495 4X0 

DBS 1Z10 11-90 

Fraser Naava 17 14X0 

Canting 177s T77D 

Gotdan Hone PI U1 779 

How Par 3X8 US 1 

Hume Industries 476 470 

Intooepe 4J2S 6 

Kappal 11* 11* 

KLKapalW no 112 

Lum Cheng 1* 1* 

Matoygn Banks 9* 9* 

DCBC 1370 11* 

OUB 830 825 

DUE 770 770 

Santoawang 14.10 14* 

ShonprUo 570 5.90 

Slme Dratty UO ITS 

SIA 7* 7* 

Stoar* Land 4* 4x5 

sxxxisssxr m ns 

UOB 1070 10* 

•UOL 214 2W 


Sydney 

Amcor 10 

ANZ 5 

BHP 18 

Bom I 4 

Bouswtovme I 

Cotes Myor 5 

ComaJco 5 

CRA 77 

CSR 5 

Dunlop S 

Posters Brew I. 

Goodman FleM 1. 

ICI Australia 7tt 

AtooeUan Z 

MIM Z 

Nat Aust Bank 12 

New* carp 9. 

Nine Network 4. 

■N Broken Hill 3. 

Pioneer I nr I Z. 

Nmndy Poseidon Z 
OCT Res our ce s l. 


law tail 

.5X4 JJ6 
18* 1838 
477 425 
1* 1.70 

834 134 

5* 730 
77* 7772 
STS 325 

171 573 
Ul IM 

172 176 
10* 1890 

2.70 210 
Z87 178 
1Z54 1142 
9* 973 
US 6.10 
145 3X5 


150 145 
1-36 1X3 
3.95 352 
135 2X2 
7X0 7J0 


TNT 135 1X2 

Western Mining 7X0 7 JO 
Wasta ge Bcnfclng 579 514 
WOOdslCB 4* 425 

AH crOmric* Index : 72S9K 


Tokyo 




Montreal 

am so 

22 2TW 

esc. a 

Dominion Text a Wi w 
OototMieA 2514 25 Vj 

nh am 

1136 11W 
2216 2296 
22 2196 
19tt 19W 
19W I9» 

21 am 

7V, 7M 

a* a» 


Stockholm 


AGA 417 419 

AsoaA STB 571 

Astra A 184 187 

Atlas Cocco *30 431 

EJKtrekixB 3H 339 

Ericsson S3 353 

EM B Ita A 120 122 

Kondiisficntefl 141 W 

Investor D 195 191 

Norsk Hydro 2S3 252 

Procardia AF 1* 151 

Sanavik B 132 129 

SCX -A IM 146 

s-E Banken 49* 48 

SkandioF 201 201 

SkansKa 22S 222 

SKF 139 139 

Stgra 4*7 443 

Tratiebora BF 91* 91* 

Volvo 679 tea 

essayed™ 


AtalElectr 
AsaM Chemkal 
Asohl Glass 
Bank of Tokyo 
Bridgestone 
Crawn 
Casio 

Dal Nippon Print 

Dcrtwa House 

DahraSecuriftas 

Fanuc 

Fall Bank 

Full Photo 

Fulltsu 

KUadd 

Hitachi Cable 

Honda 

ito Yokado 

Itochu 

Jcoon Airlines 
Kail me 
Krareal Power 
Kawasaki Steel 
Kirin Brewery 

Komatsu 
Kubota 
Kyocera 
MofKi Elec tads 
Matsu ElecWW 
Mitsubishi Bk , 

B kumI 

Co 

I 

NEC 

SBSJggftg. 

NtKKO SWtirlflCS 
Nippon Koaaku 

eE& 

Nomura Sec 
NTT 

OlymM Optical 
Pioneer 
Ricoh 
l^raEtac 

Shknazu 
5h menu Cham 
Sony 

3ranltomo Bk 
1 Sra n ltcB nu Orem 
I Sunil Marine 
Sumitomo M e tal 
TbtaelCarp 
, Tabha Marine 
Takeda Cham 
TDK 

Tallin _ 
Tokyo Marine 
Tokyo Elec Pw 
Tsppan Printtna 
Torn* Ind. 
Toshiba 
Toyota 
Yo match! See 
B.' X 100. 


Toronto 

Abltmi Price ISto MV. 

TiSZSS,* 4M 

Air VQMUU pw* DT2 

Alberte enemy 1916 191 b 

Am Barrie* rto 3SU 3S* 

BCE 47V. 4M6 

Bk Neva Stotte 321% 31 *» 

BC Gas MW 76*4 

BCTeteeotn TSk VX$ 

BF Realty Hds 003 HJ3- 

Bramorto oe 00 

BrufKndck 9 9 


CAE 
Carodev 
CISC 

Canadtan PactHc 
Can Packers 
can ure a 
Carter 
Caro 

CCLIndB 
Clnenlex 
'Cornlnui 
Conweta Exp I 
Denison Min B 
DtekensonNUnA 
Datosto 
DYtoxA 
Echo Bay Mines 
EgrtWSIhrer A 

Fed tad A 
Fletcher Chan A 
FP! 

Gentra 
GoMCoro 
GuhCde Res 
Haesuitt 
Hem to GW Maes 
Hoiunoer 
H or sh am 
HuasorYTBCY 
Imwco 
Into 

lillWPfffV PWt 
Jannock 

LQtjCtt v>* un 

LoteowCo 23>fc ZJV. 

Mackenzie I1M 11M 

Magna Inti A mm 


MocLocm Hunter 
Motion A 
N oma in d A 
Nornndo Inc 
NarondaFortta 
N°rcan Energy 
Nttiern Telecom 
Nova Caro 


Paco Petrotevm 

PWACOra 

Rayroc* 

Renaissance 

RooersB 

Rothmans 

Royal Bank Can 


S totfSHa sp 
l eMr raa 
Seers Crai 
Shell Can 
Shenitt Gordon 
SHLSvrnmhse 
SouTham 
Soar Aerasocxz 
Stolen A 
Todsmon Energ 29M 
TertcB 25 

Thomson News 17W 
Toronto Dornn Z3M 

Toritar D 7T* 

Transatta Uttl li 
TransCda Pipe 2Dte 
Triton PW A 350 
Trtmoc 14W 

TTBOCA 1 

Union Energy 070 


Zurich 





Grains 


194V6 LOO Mcr94 XB 3X715 Id 

172 3X0 Mov94l* 149 1C 

136 2S6 Jut 94 137V5 378 135 

157VI 172 S»94 337* 379 135 

3X5 10 Dec 94 3* 3X4 144 

377 ill JulfS 

EsLiafcs NX Hers, sates HL5« 
WlR Bta 51 jn Off 77 
WHEAT CKBOT) uawnOtew teOan 
3* 298 Marta 1* 1X» 9* 

179M 2* MOTH 147 147* 147 

IB 197 MM LX 136*. 333 

155% lBWSepta 336% 137% LSI 

340 3.I2WD«C94 3X1 143 149 

ISM L52 Mo-95 3X514 34514 141 

Estate, NX Tiers. sales 7*9 
Thu-iop erlnL 3l.ru up 321 
corn kboh utowN— Hntai - 
L11W 2JZtoMarta 2.91V, 2*1* 2* 

11 IV* 2J8ViMay94l9*Vj 2S8W 294 

11656 2X1 JulM 2X916 2 39V, IM 

19314 143V,S«>M 13715 ZD Z 7S 

ZZTW 13611 0*C 94 2X7 ZB* ZD' 
ZJV* 2X3VS Marts 27716 273 2JF 
Z87 273 May 75 276 Z76 Z74 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 29-30, 1994 


Page 11 

EUROPi 



Metalworkers 


to 




V 



*uh!f 




•p . v 

f f 




JoU 


Jtaders 

FRANKFURT — Hundreds of 
thousands of metalworkers are 


Both sides in the folks still hope 
that a full strike can be avoided and 
are ai pains to stress that although 


my, so disrupt Stories moss 

^LT 6 * 4 “P 10165 ^ at gum have now broken offwith no 
esMSoyo' imeats to freeze wages agreement in sight, they hive not 
airfout badt on vacation benefits. collapsed wSmdetdy. 

P cw ^^ ^ MttaD Employer and union sources say 
uacmmi Fnday caged on employ- privaidy they expect talks to resume 
^^S^^L^ monsttate in and-Fdbrnaiy, after around two 
tak e ext ended breaks to pni pressure weeks of walk-outs and disruption 
ra employes to withdraw their pro- on imewf^nwiwscale.' 


|nwu. in, uun/u miu luacuypuy 

ais vcnld Cot^woikm’ real income 
by an imaobpptable 10 percent 
. The 32 million strong union, 
winch r ep resen ts workers in Ger- 
many’s uy automotive and metal- 


on an „ 

Both side, are also aware that a 
strike now, just as Germany is be- 
ginning a fragile recovery from its 
worst postwar recession, may well 
find little support with the public. 
Hans - J oachim Gottschol, head 


working companies, wants a pay of the enmJoyess’ association, Go- 
increase of up to 6 percent and job samtmetafL mid that a strike c 

wta iriimlini *-■- 


Firs 

• rv 

•« 1*31 


i" . 


V rn ^ 


■-1 " ■ - . 


uri 


security for its members. 

The last MI strike in the engi- 
neering sector, in'1984, lasted sev- 
eral weeks and knocked almost 05 
point off German gross national 
product for the year. 

IG MetalTs president, Klaus 
Zwicfod, said on television on Fri- 
day that, the employers had faced 
the union into protest action. 

The employers have stuck rigjd- 

^*auJP°^is leaves os witifno 
-dtemative other than to carry out 
.ttfcen strikes to put vast pressure 
on the pay negotiations.” 


~ ..., — „ strike could 

have catastrophic consciences. 

“Given the current state of the 
German metals and etotmorncs in- 
dustries a mass strike could push 
many companies into bankruptcy 
and destroy jobs,” he said. 

“We will do everything to avert a 
strike. But we will not sign a pay 
agreement that pushes companies 
into disaster.” 

- . Analysts believe that thefact 
both sides are placing a heavy em- 
phasis on job security could pave 
the way for a final settlement. But 
there is as yet no common ground 
on how .this can be achieved. 


J.S. Irks Bundesbank Chief 

German Cleaves to Tight Credit Policy 

Af Wf ^ J-J 


By Alan Friedman 

International Herald Tribune 

DAVOS. Switzerland — The 


a senior U.S. Treasury official, 
g next to each other at an 
unusual public debate here, 
clashed Fnday over a U.S call for 
Europe to relax monetary policy 
and take other steps to stimulate 
demand. 

Speaking before a group of 
leading businessmen and econo- 
mists attending the World Eco- 
nomic Forum here, Hans ’fiet- 
jneyer, president of the 
B pp daihflnk, rejected as poten- 
tially inflationary the plea made 
by Lawrence Summers, the U.S. 
Treasury undersecretary for in- 
ternational affairs. 

Tbe Bundesbank chief insisted 
Europe's high unemployment 
Tate was a structural problem 
that could not be solved with 
short-term remedies. In stem 
tones he repeated the Bundes- 
bank’s firm opposition to any 
polities that could jeopardize 
monetary stability and the fight 
against inflation. 

While acknowledging Germa- 
ny faced serious problems of re- 
cession and unemployment, Mr. 
Tietmeyer was unmoved by the 
U.S. official's call for a rapid 
- move toward lower interest rates 
in Europe. “We should maintain 


the course of nooexpantionary 
policies,” Mr. Tietmeyer said. 

During the confrontation, 
which was friendly but blunt, 
Mr. Summers contended that 
stimulating consumer demand 
was necessary because unem- 
ployment in ntrope had jumped 
by 50 percent since 1990 and 
would “surely rise more." 

Tbe Treasury official warned 
that by die end of 1994 the out- 
put gap — the loss of production 
relative to capacity — would 
probably exceed $ 1 ,000 a person 
m tbe European Union and in 
Japan and still be increasing. 

Washington’s concern, Mr. 
foimm crs said, was that unless 
Europe relaxed its monetary pol- 
icy its economies would grow 
slowly and cause problems for 
American exporters. 

Although Mr. Summers did not 
angle out the Bundesbank, be 
saitf it was widely believed in Eu- 
rope and Japan that the problems 
of recession were structural, and 
radd not be addressed by macro- 
economic polities. 

The structuralist view is a 
half truth as it proved to be in the 
1930s and early 1960s. There are 
profound structural problems, 
bin there’s bnle prospect that an 
attiuk. on them will succeed with- 
out parallel demand expansion,” 
he added. 


Mr. Tietmeyer responded that 
relaxing monetary policy did not 
work in a recession and that the 
best way to produce more jobs 
was to keep inflation low. 

Separately, Peter Sutherland, 
director-general of the General 
Agreement on Tariffs and Trade, 
castigated the Group of Seven 
industrial countries as “a small 
and exclusive group" of wealthy 
nations and called for the cre- 
ation of a new group to coordi- 
nate world economic initiatives. 

“The G-7 is not capable of co- 
ordinating tbe work of the Inter- 
national Monetary Fund, the 
World Bank and the new World 
Trade Organization," Mr. Suther- 
land said “What is needed is a 
body that includes prime minis- 
ters, finance minis ters and trade 
ministers from the OECD nations 
and from developing countries." 
Mr. Sutherland a ted the example 
of Russia as a case of insufficient 
coordination among the G-7 and 
multilateral institutions. 

The GATT chief also warned 
that protectionist rhetoric was 
a y™ on the rise, just a few weeks 
after an accord cm trade liberal- 
ization was reached at the conclu- 
sion of the Uruguay Round. 

Mr. Sutherland also urged that 
China be allowed into GATT “as 
soon as possible." 


Stocks Fall, 
Rates Surge 
In Turkey 

Jteu.'rn 

ANKARA ~ Turkish stocks 
tumbled and overnight interest 
rates hit 400 percent on Friday as 
the impact of this week's devalua- 
tion rippled through the economy. 

The Istanbul stock exchange’s 
69-share index plunged 4.9 percent, 
to 18562 points, on Friday for a 
loss of nearly 29 percent this week. 

An offidal said Prime Minister 
Tansu Ciller asked the Finance 
Minis try on Friday to design new 
tax breaks for stock-based funds to 
uy to buoy tbe shaken market. The 
news, although not publicly con- 
firmed, rallied the share index near 
the end of the session. 

The dollar opened at 17.800 lira, 
though it fell to to 17,100 as the 
central bank sold the U.S. currency 
to buy its own unit. 

The central bank set overnight 
rates at 85 to 90 percent but bank- 
ers said the intervention against the 
dollar and banks’ weekend funding 
needs triggered a sudden demand 
for liquidity, forcing unofficial 
overnight interbank rates to record 
highs around 400 percent. 

Turkey devalued the lira by 12 
percent "on Wednesday after a 10- 
day money crisis. Tbe central bank 
and treasury raised their interest 
rates to bolster the currency. The 
devaluation is certain to add to Tur- 
key’s spiraling inflation, which ran 
at 71.1 percent in 1993. 


Investor’s Europe 


Frankfurt • 
DAX s 

2400 


' London /. / '• v.; :< . : - : 

FTSE 1 (KMndex:; : : CAC 40.. 


•35M- 






AS O H O J 
1953. . .MW 


Exchange . . Index 
Amstentem AEX 


1993 .. 1994 19»:. 

Friday S\. 

-Close'- '"'doss ..Chan# 
429.7a . -42S;71 -<40-96 


Brussels St ock Index .. 7,7404 2 7,730-3$ 

• . • - — 11 * ' - - - - -- .a on 


Frank! art -OAX 


2,133.47 2.125.14' *6.39 


ftankfssrt FAZ. 


7818.80 


Helsinki .HEX 


1,862,60 


Aim 

1,870.20 • 


London 


ISroton FTSE10& 


Knandfil Times 30 ■ .2,63930 2*27^0- ..*0.47 

344740 


MaHrt* • Gerfe tel index - : 348.62 351 jS 


, 3.427.30 \+0.B& 
-0.84. 


Milan 


Paris 


MIB 
CAC 40 


• 1,027-00 1,018-00' 


2,313,17 • 2.280.95" 


Stockholm Afteersvaflritftgr y. • 1.?94^3 


.vtfttina : • ■ Stock mdax;. 


5024)1 . . 501.35 


177448 7+1.13 


Zurich 


..SBS 


■ ^ . .1,081 <43. 


Sources.* Reuters. AFP 


1,068.67 '■ +1-.19 

Inicmnilonal HeralilTiihn 


Very briefly: 


COMPANY RESULTS 


Revenue and profits or 
' losses, in (Trillions, are in 
. local currencies unless 
otherwise Indicated. - 

American President 
m Hoar. Hf] ' wt 

RIWN W-S Blffl 

Nat Inc TOAO 

Par Shorn — 3J8 .06* 

ym . mi m 

rSmow*. 1590 15112 

, Hotinc B0.10 - 5650 

PW Stmr*_ S® UV 

ATT 


Year 


vtn U *2 

UL459. 17J0A 

Oftrr Net - 1.150- LDOO. 

OJK BJ5 


nZZrvt— spJt « 


m . wi 

WSL- 

Net Inc l5^(olB3.1 

PerShore 038 

o: lots. .. 

Boll 

WiOoar. nn - W» 

Revenue 53730 SMM 

Net Inc (0)987 . TV®. 

For Share — — <U» 

‘Year Hit HH 

Re venue 3MU. WJ 

Met inc taWS.1 61 . iD 

Pw Shorn — — 

or tea. 

BettUeben Steel 
enoaor. in m. 
K — u®. wo® 

Net Lon TOM- SUM 

m nn 

4323. *008. 


. Coca-Cola 
OHQuor. IPO' 
Revenue __ 33M. 33*J- 

OperNet — 

Oner Share— 036 030 

Year ■ W) Wi 

®B= ’3® W 

Oper Share— U1 . . t33 
1993 Quarter ne t mtct oOes 
gams of AUUMTiharc 

’ Compaq Compatn- 
AUKJoOl*. vn MM 

K^z: ,¥§ 'A 

Ptr Stwre — . ; 133 VTO 

• Yew vn * If fl 

ffmitma 7.W1. 4,100. 

i&OB 213JX) 
pSa&E- 535 252 


hh me. 

Per Share- — 


4361 

119 


AMP • . 
OlDasr. MM 

- per Share — 038 

- Year - -MM 

Revenue M5V 

itet inc — . 


335V 

230 


550® 


Cooper Indastiies 
4U,Ouar. . ■ MM -MM 

SZKZ-- 

ppSSSfiEr os om 

' yht ,"WM' Mil 

,ss ssw- 

SS -OperSharo— 2X 231 

B® . . ; . 

__ 2S Year *' MM. * MM 

PerShore — 3JO 233 uk sin. 

im rvsutts toch& a rMIXoa^ — » OT® .&M 

at 3055 per s/iare tor tax taw 

Asarco - - ' Bnwmta^FerilP 


NR 
B4451 

7031 
067 

m 
3337. 
2*7® 2M34 


Net Lon 266® 

Per snare after , 
riJv/dem*. 1993 net. ~ — — — 
million ctnroe. 199 3 res ults 
after S340tnHHon dxwve. 

Borden 

enoaor. . MM 
Revenue — , t-g^. 

Net inc — (iiMBJ 
PerShore— — 
ms 


* Cammlns Engine 
n Qedr. _ TIB * WH 

rSS'u. tW 

Oner Net 52M 29® 

Ow-Sharn— V42.-Of. 


SSK-.. #«»=#«- & 

: 3X70 (0)583 S!ll2?7r~ . nS DparSha 


Cyprus A max Minerals 
Manor. “ MM MB 

nmw 541^) 3K30 

Oner Nat— 17® ia® 
OparShore— 021 040 

Year -19M MM 

Oper Shore— 090 2® 

Dial Carp. 

4th Qnar. 79M 1992 

81739 mm 
2855 (0)489 
047 - 

WM 1992 

PirSm— Mt - 

a: loss. 

Grumman 

4th Bear. HR 1992 

r 5£K_ a»JS 93037 

Net Lon 2549 294 

Year MM MM 

Rtwnue M*9. 

Netlnc — — 58Jn(a>m2 

PerShore 131 — 

a: IMS. 

, IBM- • • 

4thOHV. MM MM 

MvSwe 19396. 19360. 

Mlloc ~ 382®(014MS 
Per Share _ 040 — 

Year mm fi HR 

Revenue— M316. 

Net Loss— 7387. *346. 
a: Less. Net* exclude 
4haeBe*'al UNenta 1992 
auartcraad of SIM mltlioa vs. 
erJolTIfaw fa fuO yea rs, wnNe 

fail year nets tocMarnoa^es 
of S&9 button v% SI1J MMon. 


Merck A Co. 
4th Bear. MM 

Revenue MOV 

Net Inc *74® 

PerShore— 036 
Year 1993 

Revenue — 

Net inc 2.140 

PerShore — 137 


Phelps Dodge 

1992 4th Oner. MM JM2 

230L Revenue 6HJ0 651« 

409.10 Net inc 41® 65® 

033 PerShore — 039 093 

19M Year -IS* 

9363. Revenue UM. 23n. 

1.984. Net Inc M7-VD 221-™ 

192 Per Shore — 236 3.14 

1993 year net Incudes charge 
Merrill Lynch US79S million. 

4th gear. MM MM Premark Inli 

Per Share — 151 099 7L« 5QM 

Tew ..MM _»*2 PerShore — 221 1.B 

Revenue — 16588. WU YHtf m3 1992 

Net Inc 1599. 8M® RnMnue aw?, am 

PerShore— s.98 192 ~ n?3j(a) 79® 

Year nets Include charges of axira 315 — 

sBS mutton va-SSMirtWan. Lr£^7, W year7ie#to- 
duma gain of SIS million ontt 
charvoofSfILP million. 

Rev note Metals 
4th Qoar. ,»W 

Yeer M9* MM 

g^CSn: Sft i^ 

i«2 Year net Includes dtane 
at S6J95 million. 

Warner-Lambert 
MM 4th Clear. 19M 1«J 

732® Revenue—, Vg*; 

25-1-8 Net me — (0)1949 IBM 
045 PerShore— — *® 

mm Year IMS _W” 

2377. Revenue — 5294. 5^ 

45® Net Inc ®jA2 6035 

L48 Per Share — 2N5 4® 


VODKA: Tough Sales in Ukraine 

Coattened from Page 9 


4thQeer. 


Nil inc _ 
PerShore 

Yeor 

Revenue- 
Net Inc - 
PerShore 


MaMI 

19M MM 
16BS9- 17517. 

~ ^ 

MM 19M 

64JOS. 44556. 

2384. 86230 

Sj07 231 


PACCAR 
4thHoa‘. MM 
Revmue— 89S40 
Net Inc — 4530 
Per Share — 1.17 

T«r MM 

Revenue— M79. 

Net inc 142® 

PerShore — 334 



hygiene products, and S.C. John- 
son & Son Inc., the wax maker. 

Sea gr am came in pari because a 
foreign investment law stipulated 
that the conditions would not 
rhan ge for five years. Six months 
later, (hey did. 

Particularly harmful for Sea- 
gram was the government’s decla- 
ration that the export of spirits con- 
stituted a stale monopoly. 
Tambrands, which manufactures 
Tampax locally, and Johnson, 
which makes household cleaning 
products, have not been hampered 
by this rule. They have responded 
to tbe deteriorating business cli- 
mate in Ukraine by emphasizing 
exports to Russia, as the local gov- 
ernment would find it difficult tc 
declare ihe export of wax and tam- 
pons state monopolies. 

For its joint venture with the 
distillery in Lvov, a producer ot 
Slolichnaya vodka. Seagram bad 


planned to provide equipment and 
technology. 

“We wanted to do it so everyone 
would benefit," Mr. Kish said, add- 
ing that he would like to see the 
land of his ancestors succeed. 

Ukraine would benefit from the 
revenue, employment and taxes. be 
said. For Seagram, manufacturing 
in Ukraine was an inviting proposi- 
tion because labor costs are low. 
the distillery work forces know how 
to make vodka and the neighboring 
Russians are enamored of Ukraini- 
an vodka. 

Russians “especially love Ukrai- 
nian vodka, which is of higher qual- 
ity ih-in the Russian," Mr. Kish 
said. “And we think this Kiev Ru* 
could be a major contender on the 
world market” That is the name ol 
Seagram's new product “If you 
can say that the British are the best 
beer makers, you can say the 
Ukrainians are the best vodka 
makers.” 


. Porsche AG's fust-half sales rose 10 potent to about «0 rmll on 
Deutsche marks ($527.4 million). although thecarmaker had a lossof 1 15 
million DM in the six months through December, a 5 mdton DM 
improvement. Wendelin Wiedeking. management board chamnan. urged 
shareholders to approve a 20 million DM capital increase to finance new 
models. 

. Deutsche Bank AG will sell 15 million Ameri^ de^^ r^pts of 
Daimler-Benz AG at S46.75 each, reducing its stake m the con^omerate to 
24.9 percent or 24.4 percent if over-allotment options are exercised. 

J The Bank of Greece approved an increase on the ceiling fw . 

loans. Borrowers can now have op to 8 raHlion 

increase from 300,000 drachmas. Credn-card limits, which also were 

300.000 drachmas, will be left up to lenders. 

• French perfume sales rose 4.6 percent in 1993. to ; 52.89 billion francs 
($8.93 billion), with exports up 4.2 percent to -4 billion irancs. 

• CourtauMs Textiles PLC will buy Hailstone Group PLCs French 

^ aDd ^ 

French Trade Stays in Surplus 


Rouen 

PARIS — France on Friday an- 
nounced a healthy monthly trade 
surplus for November, and the sur- 

, * 1 A 


francs, three times the surplus for 
the first 11 months of 1992. 


Separately, the national statistics 
surplus iui nu*cuiu^.. — j^titute, INSEE. revised its figure 

plus stayed on track for a record for ^urd-quarter 1993 gross domes- 
over the whole of 1993. tic product to show growth of 0.3 

The seasonally adjusted trade v ■ -■ *■ — n -< — 


surplus narrowed in November to 
6.63 billion francs ($1.13 billion) 
from a revised surplus in October 
of 9.06 billion, provisional Cus- 
toms Office data showed. 

But the surplus in the first 11 
months of 1993 was 75.29 billion 


percem. up slightly from 0.2 per- 
cent reported in December. 

Economists think the economy 
shrank in the fourth quarter, howev- 
er. and tbe government has said it 
believes the economy contracted by 
between 0.7 and 0.8 percent in 1993. 


POLICY: Monetarism, Triumphs 

Continued from Page 9 


benefits or shifting dollars around 
— that have little discernible effect 
on tbe overall economy but are 
good public relations. 

“For tbe foreseeable future, ad- 
ministrations have no choice but to 
rely ot the good graces of the Fed," 
said Bruce Sternberg, an economist 
at Merrill Lynch & Co. 

While there may have been utile 


Equally important, low rates 
helped ease strains on the banking 
system. 

In the last year, low rates haw 
given spending a sharp increase. 
They made people richer by caus- 
ing the price of slocks and bonds to 
rise. And they created a strong in- 
centive for ear buyers and home 
buyers to do their buying now. 
Monetary policy also stimulated 


While there may have been little ^ economy by keeping the dollar 
choice, many economists, including ^gap. as investors could get higher 
some inside the government, were returns on their money overseas. A 


worried that monetary policy by 
itself would not work. 

One of the key lessons of the 
Great Depression was that interest 
rates could be pushed down to zero 
and people would still not borrow 
or spend if they believed the econo- 
my would not expand and they 
could lose their jobs. 

In fact, however, exports helped 
shore up the economy in the first 
year of this recovery. Then, last 
year, housing, cars and business 
investment — spending that is sen- 
sitive to interest rates — provided 
most of the growth. A necessary 
part of that spending, however, was 
renewed consumer confidence. 
When 


cheaper dollar helped keep exports 
growing solidly during tbe first two 
years of economic recovery. 

Low short-term interest rales 
also helped nudge down long-term 
rates as investors shifted from low- 
yielding money market funds into 
higher-yield bond funds. 

Low rates also helped offset 
some of the drag from rising taxes. 
One reason that rates bad to be 
driven so low was that Washington 
was actually raising taxes and cut- 
ting military spending during the 
recession and early in the recovery. 

Nonetheless, neither economists 
nor policymakers are inclined to 
say “never" when it comes to using 


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nrt.u ^ . : 7 , . say Uk.Tk .1 ■--- 

i that began to nse, it helped p^aj policy. The economic recov- 
spur spending, especially on big- ^ has been only about half as fast 


ticket items. 

The result has been a recovery 
that has added 2^ to 3 percent to 
the gross domestic product annual- 
ly, has whittled unemployment to 
6.4 percent from 7.8 percent and 
has kept inflation —a shade under 
3 percent last year — at bay. 

The widespread doubt that lower 
interest rates alone could cure the 
economy of tbe ailments it had de- 
veloped over the long, strong 1980s 
expansion was hardly surprising. 

Every recovery in the last 30 
years was helped by a jolt of deficit 
spending. 

As it turned out, however, low 
rales were just what a_ debt-heavy 
economy needed this time around. 
In the last two years, consumers 
refinanced more than SI trillion in 
mortgage debt and most corpora- 
tions have replaced nearly all their 
high-cost debt with cheaper funds. 
Thai has freed billions erf dollars 
for spending that formerly went to 
pay intaest. 

ADVERTISEMENT 

MARKS & SPENCER PUT 
(CPUs) 

The undersigned announces that as 
from 10 February 1994 at K»-A«o- 
dalk N.V„ Spntaxaai 172, Amster- 
dam, dht (pa. no. 44 of ihe CDRs 
Marika & Spe n cer pie. will be pay- 
able with Dlls. UB per CDR, rept 
25 sberea (re interim dividend for 
Ihe year ended 3103.1994- of Wp P H 
share) Tax-credit Fst. 0,15625 = DIK 
0,45 per CDR. Non-residents of the 
United Kingdom can only claim this 
tax credit when the relevant tax Wfr 
ty meats ibis facility. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam, 27 January 1994^ 


as past expansions and it took 
much longer than usual Tor the 
economy's job machine to rev up. 

“For a lot of policymakers the 
recovery was unacceptable," said 
Robert Reischauer, director of the 
Congressional Budget Office. 

Alicia Murmell. assistant Trea- 
sury secretary for economic policy, 
agreed. “Once confidence is re- 
stored, and investors believe that 
we're not going to let the deficit go 
up in good times as well as bad, 
then you could use some counter- 
cyclical policy." 



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Umi^^SSEnbunC' 


A growing Company in Karachi, Pakistan invites 
quotations for Gas/Duel Fuel/Diesel Generator of any 
make meeting following specifications: 

: 1,500 KVA 
: 1,000/1.500 


A) Power 

B) RFM 

C) Voltage 

D) Switchgear 


400 V - 3 phase - 4 wire system 
Pre wired panel complete with all controls 
and safeties including automatic synchro- 
nising system. Main Breaker should be 
spring charged and motorised type. Panel 
should include all necessary instruments. 


Items covered under heading D must be quoted separately. 
Please send your quotations by latest 4th February , 1994 tot 

General Manager (Utilities) 

S.G. Rayon Mills (Private) Limited 
B-40, SITE, Karachi, PAKISTAN 
Tel.: +92 21 2561190/3 & 2561198 
Fax: +91 21 4545978 & 4545610 
Tlx.: 21427 RAYON PK 



■hi 

I 




































































































l ; . ,„.i a Ft 


C**VjSj£> 


Tokyo Piles On the Bonds ^^CdT 

Rise in Goyerament Debt Hits Prices 

■ " ■ ' - ■fir* ftrt A * TL* LIJ 1 . 


HongKong 

Hang.SenfJ 

m — 


Singapore - 
Straite Times 


Tokyo 
Nikkei 225 


w-sn-VM ig. ““ 

TOKYO — Japan’s imeniployi. 
meat rale Ml 23 percent in Decem- 
ber. the highest level in six-anA-a- 
half years, the government 
rented Friday, \: 

The Management and OvwrHna- 
tion Agency said the December 
jsMes& rate, adjusted for seasonal 
factors, rose from 2.8 percent in 
November, and was the 
since 34 percent in June 1987. 

.Kunji Okue, an economist . at. 
Dresdner Securities, predicted that 
as Japan’s- recession dragged on, 
the jobless rate would peak* 3.5 
percent m the last quarter of 1994 
a Erst quarter of 1905. That would 
surpass the record, 3.1 percent, set 
in May 1987. 




tween 25 and 34, have suffered the 
brunt of unemployment The job- 
less rale among women was at 3.1- 
percent. in December, while for 
men it was 2.1 percent 
But an official of the Manage- 
ment and Coordination Agency 
said that the rate of increase in 
unemptoymenl had accelerated fa 
mm between 35 and 44,. the “cose 
group” in the weak force. “This is 
likely to rise faster in the coming 
months," the official said, 

Japanese companies in all sec- 
tors, battered by the recession, are 
slashing their payrolls, despite the 
fong-held practice of keeping work- 
ers even in business slowdowns. 

. fiompirniwi are freezing hir- 


mg,-In an mdkatioo of tins trend, 
the Labor Ministry reported Fri- 
day that the ratio of available jobs 
to applicants stood unchanged at a 
seasonally adjusted 0.65 in Decem- 
ber. Thai means there were 65 jobs 


In another sign of an abisg ebon- ' 
any, the Mimstry'of IritetBarirad 
Trade rad Industry. reported Frir 
d ay that Japan’s industrial output 
fell 1.7 percent in December from 
.November, and dropped ,42 per- 
cent from a year earner. The inans- 
trial production index, based bn a 
1990 average of 100, bit 88.0, die 
lowest level since January 1988. 

Trocbiction is stunted becrasein- 
ventory levels remain high- Many 
Japanese manufacturers overpro- 


“i ri . . -W. ■ ■ 


that the economy might .recover. 
Bat mstftari rigmgnri fell, . thanks 
largely to the rising yen’s drag on 


In December, mratfacturers 
made alitde progress, as the inven- 
tory index dropped a seasonally-, 
adjusted 0.8 percent in December 
from Novanber to 108.4. ; 

“The first step fa a turnaround 
in production would be to see a- 
turnaround in shipments,” said 
Donald Kimball, an economist at 
Mitsubishi Bank. So far, that has 
not happened. The shipments in- 
dex stood at 89.7 against a base of 
100 fa 1990, a fajTof 03 percent 
from November, MTU saia. 1 •• '■ 
(Bloomberg, ; Reuters) 


Bloomberg Businas News 

TOKYO “Japan’s poblic-spcnding spree since 

the collapse of ihe economy's speculative boom m 

1990 is pushing government debt levds to among 
the highest in the industrial , world and is having a 
n gpjghmg im p act on the Tokyo bond marke t. * 
Hoping to lift the economy out of its mire, 
Japans financial bureaucrats have already com- 
mitted to spending roughly S270 billion m three 
separate packages aimed primarily at big-now 
ptibhe-works projects. To finance these commit- 
ments, Japanhas taken on apile of debt by issuing 
new government bonds. 

That pita would grow even bigger if Pnme Min- 
ister Moribixo Hosalcawa is able to pul through a 

nackage of tax cuts, spoiding and loans that could 

raTaThfeh as 16 trillion yen ($146.7 bflhon), 
Sfynpimg tn local news reports. The prospect of a 
bond glut is depressing paces. 

. "By nett fiscal year, the amount of out st anding 
Japane se nnwMpment bonds will reach 200 trillion 
yen, car apprarimatdy 42 percent of Japan s gross 
domesricporoduct,’’ said Mincko Sasalri-Smith, an 
economist at Morgan Stanley & Co. 

As a percentage of GDP, that will top die govern- 
ment bond burden now being shouldered by the 
tmce-proffigaie United Stales and other wealthy 
Grom of &ven industrial nations, save Italy. 

Until mid-Januaiy, the wold’s second-largest 
government bond market behind tbe United States 
bid enjoyed a seven-month rally. Now, Japanese 
government bond prices are falling amid concern 
the Finance Ministry wiD move to increase the 
issuance of bonds to finance economic sttmmus 
measures fa next fiscal year, which begins Apnil . 

To pay fa the stimulus measures, the govern- 
ment win have to increase its issuance erf bonds by 
20 triDkffl yen next fiscal year, analysts and econo- 
mists said. . „ 

Tbe growing distaste fa Japanese bonds was 
evident tins week, when Japanese investors gave a 
resounding thumbs-down on a 1 trillion yen auc- 
tion of 3.7 pereent, 10-year government bonds. , 
Investors wear wilting to bid only an average 
98J3yta forever 100 yen in new 10-year bonds, 


producing a yidd of 3,904 percent The bid-to- 
cover ratio, a the ratio of bids tendered in excess 
of the auctioned amount, was 1.44, the lowest in 
postwar Japan. 

Three weeks ago, an auction of 3.4 percent, 10- 
year gpveromcntbonds fetched an average yidd of 
3J276percent and a bid-to-cover ratio of 4.76. In 


Sanyo Posts Loss 
2d Year in a Row 

'* Bloomberg Businas News 

TOKYO — Sanyo Electric Co.; 
attrib uted its second successive year 
of operating loss Friday to tbe 
mi ghty yen, which hammer ed ex- 
pat piaffe, and the nation’s reluc- 
tant co n sum ers. The electronics gi- 
ant also expects to show operating 
losses for the current yean. 

Sales cannot imp r ov e with a 
strong yen rad weak deman d, so 









pj' 



|fj|l 

ssjeasSi 



ManMdlU Uses 

Gcisoline Prices 

The Assodaud Pros . 

MANILA — The govem- 
: ment announced increases .in . 
- fuel and electricity rates Fri-; 
day, 'touching off complaints 
from the pubKc and strike 
threats from labor unions. 

Thcchaknian of the Energy 
Regulatory . Board, Rex Tan- - 
tdaiougiDO, said the gpycmmcsil 
raised ihe prices; of gasoline, 
fri wmene aod diesel by-L55- 
..peso per Bter (21 cents per 
gaficHijL That iqmsents'a 15 
’ porafitfo 22 perceBtincreasfc 
riwJrnig fad receivcdihc fctig- 
gest increase, 28 percent. 

Energy compamesbadasked 

fa price increases after the 
gpvaximemimposedan oQ tax 
m &ptexnber/The government 
sakfiihad 

'“ibffwjr bed«t*XongfftSTiaa 
to pass new taxes. 


lopw v - r—v — ” . : . — r 

10-year Japanese government holds fa March 

The latest 10 -year auction 
was a flop* 

delivery, the benchmark bond-futures contract, 
fell to 113.60 from Tuesday’s 114.80 dose. The 
contract recovered a tittle, to 11330, an Friday. 

Japanese government bond traders said they had 
reason to suspect that not only tbe central gpvern- 
ment, but government agencies and local authorities 
would issue more brads next year to bdp pay Mr. 
Hosokawa’s tab fa economic stimulus. 

In a surprise move, an Jan. 14, the Trust Fund 
Bureau of the Finance Ministry said it would sell 
900 billion yen of its Japanese government bond 
investment portfolio — fa tbe first time in 12 
years — to cover a fiscal budget shortfalL 

The Trust Fund Bureau manages the investment 
of Japan’s public funds, which are postal savings 
deposits and payments to the national pension plan. 
Tbe Finance Ministry uses these funds to finance 
parts of the government's stimulus measures. 

Traders raid the move illustrated the govern- 
ment was running low on public funds to finance 
stimulus measures. 

Tbe problem is, there are no estimates available 
on how much in local government bonds and 
govexmnent-guaranteed agency bonds will be is- 
sued next fiscal year, said Taeko Murohara. a bond 
analyst at Nikko Research Center. 

Investors are in the dark because the govern- 
ment has not unveiled next year’s budget, thanks 
to tbs deadlock over political reform. 


Cool Market 


CoavOedlyOaSuffFnmDbpatdia 

SEOUL — South Korea an- 
nounced measures to cod the stock 

, market late on Friday after share 
prices surged to record highs fa 
thefifib consecutive day. 

Tbe finance Ministry said after 
trading dosed that it would pro- 
vide the market with Glares worth 3 

trillion won ($3.7 trillion) by allow- 
ing mare new issues and having 
: institutions increase sales. 

. Tbe measures came after the 


19 points, dosing at 926.73, its 
highest point fa four years, on 
heavy trading of 553 nrilH on shares 
worth 13 tnfoon won. 

As part of tbe measures, the Fi- 
nance Ministry mil allow the list- 
ing of Korea Exchange Bank and a 
rights 'issue by the Commercial 
jBrakaf Kore^bothin ApriL ,. 
— tbeTirinistry said It "would' also 
. aDow rights issues and initial pub- 
lic offers totaling 6 triQioa won in 


1994, wi«t«id of an eartier plan fa 
5 trillion won worth. 

A ministry official said the gov- 
ernment would also require local 
institutional investors to sell 3 tril- 
lion won worth erf shares they are 
bolding in 1994, instead of 2 trfltira 
mm as originally planned. 

Analysts were divided in their 
assessment of the impact of tbe 
measures. Some saidthe additional 

supply of shares was insuffident to 

dampen the ball run, while others 
predicted big plunges when the 
market reopens Satu r da y fa its 
half-day session. 

Deposits with brokerages by in- 
vestors wishing to buy shares 
amounted to a record 3.58 trillion 
won on Thursday. 

“Both individuals and institutions 

have difficulties finding other places 

to put their money than tbe stock 
market,” saul Huh Bn Do, an ana- 
lyst at Daewoo Securities Co. 

He noted that interest rates woe 


low, and the real estate and tbe 
iinnffirifll loan markets were in the 
doldrums. Meantime; South Kore- 
an exports increased 15 percent this 
month from a year ago. strengthen- 
ing the rosy economic expectations 
of investors. (AFP. Reuters) 


■ SHI: All Roy, Iitde Sell 

Samsung Heavy Industries Co.. 
making its debut on the Seoul ex- 
change, started trading at 27,000 
won a riiare on Friday and quickly 
hit its upper limit of 28,000 won. 

But only 840 shares changed 
hands, confirming analysts* views 
tlmt existing shareholders would sit 
tight and await a better price. 

Investors, including a large for- 
eign contingent, swamped Korea 
Stock Exchange computers with buy 
orders fa about 10 mQtira shares. 

Samsung Heavy's initial share 
offer, last Dec. 17-18, was fa 15 
mitti m new shares. There are now 
49 million shares outstanding. 


Imports to 
End Deficit 

Compiled by Our Siojj From Dispeiches 

BEUING — China reassured fe 
trading partners Friday that it 
would not consider reducing im- 
ports to balance its trade deficit and 
would push ahead with reforms to 
integrate with the world market. 

wu Yi, minister of foreign trade 
and economic cooperation, empha- 
sized the key to reducing last year’s 
$12.18 billion deficit was the ex- 
pansion of exports “rather than the 
reduction of imports.” 

But she warned that failure to 
ha t ap fg the deficit over the next few 
years would “certainly affect our 
ability to import" in the long ran. 

C hina' s imports grew 29 pereent 
last year, to$103.95 billion, while 
exports pew only 8 percent, to 
591.77 trillion, resulting in the first 
deficit since 1989. 

Miss Wu attributed last year’s im- 
port boom to rapid growth of the 
domestic economy, which fueled ur- 
gent demand fa raw materials, en- 
ergy and iwhnieal equi pmen t. 

Outlining trade policy fa 1994. 
she said tbe kev was successful man- 
agement of foreign-exchange re- 
forms that brought unification of 
the former two-tier exchange-rate 
system on Jan. 1. While full yuan 
convertibility is still a way off, the 
reforms will boost competitiveness 
as part of China's push toward a 
socialist market economy, she said. 

Miss Wu criticized the United 
States fa not fuDy appreciating 
steps taken to protea intellectual 
property rights but acknowledged 
more work was needed- She pledged 
a drive to educate Chinese on the 
law and said there were plans to set 
up inteUeeinal property -rights 
courts in major cities. 

After Washington threatened 
yinrrinnK, China revised its copy- 
right law in 1992 and joined several 
international copyright conventions. 
Foreign investment in China dou- 

1 bled in 1993 fa the second year in a 
! row. Miss Wu said, but the flood of 
! overseas companies helped swell its 
trade gap- China approved 83,265 
foreign investment projects with a 
value of $110352 button last year. 

(AFP. AP. Bloomberg) 



A S ON.Ol 
1993 198* 


■1993' . ■•••• '1994- . .1993 

gxdfcargs- tadax 

H wfl Kong - Hang Sang : • ' 
gi p mfw w ft ,■ . Straits Times • 

Tokyo; ; ■ Nikkei 225 - 

Roato Uaapjr Comport s . . - • 
Ba«gta?(k SET ■ . 

Seoul ,i" .. ComppBite^rf* 
Taipei ■ WeightecIP nce"^ 

Manna • Composite : ~~ 

\ Stock IwtiW.'' 7* 

Hew Zealand NZSE-40 • ' . 

Bombay-. Natton^.lriagK' Tr 
Sources; Reuters. AFP 



1 A-5 ON O J. 
1993 1994 

3rev. % 


11,377-80 

2£0&O7 

£259.90 

1,090.06 

' 1^0735 


6,016.08 


592.65 


1935.70 


11,470.40-0.81 
"ygftRgft 4-0.60 
2,250.70 ¥SA\ 
18,891.78. -0.71 
1,074.24 +1.47 

1,498.09 ■ +0-02 
g07.44 . . +2L36. 
Bjy2238 -O.IO 
3,00(X35- 
5M-47 . ' +0-37 
2^08.42 

1^37.30 -0.PB 

Jnrrnuiknal Henkl Tnbune 


Very briefly: 

. Garoda Indonesia, the national airline, wants to make an ini^pubUc 
offering of stock in 1995. its senior vice president fa fmanoesaid, butlhe 
transportation and finance ministries have not yet given their approval. 

• The Malaysian Institute of Economic Research said its index of 
consumer sentiment rose in tbe fourth quarter of 1993 to the highest level 
since the survey began in 1988. but the institute cautioned that runaway 
spending on consumer goods risked spurring inflation. 

• Macrooix International Ox, a privately held semiconductor maker 
plans to invest 30 billion Taiwan dollars ($1.13 billion) between 1996 and 
2000 in three mtegrated-dreuit plants in Taiwan. 

• Shanriiai Erfangji, a textile machinery maker with Amoican dep^jary 
slu 5 ^c 3 roeasfel 993 after-tax profit, before extraordinary items, to 
exceed 170 million yuan (S2G million). 

. Astra (Wuxi) Pharmaceutical Co. is being form^as a venture belween 
AstraAB, the Swedish drug concern, and two Chinese partners. Wuxi 
Development Zone Cop. and Wuxi Pharmaceutical Core. 

• Hitachi Ltd. will merge its four videotape-record er-parts manufacturing 

units by autumn, eliminating 300 jobs. Reuters. Bloomberg, a fp, AFX 

Taiwan to Get 4th TV Station 


■ Further Currency Plana 

A Hong Kong newspaper con- 
trolled by Beqing said Friday that 
nrimt was to take a significant step 
toward making its currency convert- 
ible in April by creating a “super- 
vised” foreign-exchange market, 
Reuters reported from Hong Kong. 

Quoting an authoritative official, 
the daily Ta Kimg Pao stressed full 
free convertibility was still far off. 
“Wien tbe system is in place, thou 
could be little ups and downs in 
rates,” it said. 


Reuters 

TAIPEI — Taiwan, liberalizing 
its broadcasting industry after 23 
years, said Friday that it would 
allow the creation of a fourth tele- 
vision station and 29 new radio 
stations. 

The government will begin ac- 
cepting applications in June to set 
up the Tv station. Deputy Com- 
munications Minister Ma Cben- 
fang said. Minimum capital of 300 
tnflEra Taiwan dollars ($1 13 mil- 
lion) is required. 

A 13-member panel of scholars 
and officials is expected to cboose 
the winner by December, and 
broadcasting should begin by 1997, 
said officials at the cabinet’s Gov- 
ernment Information Office, which 
oversees local media. 


Taiwan now has three television 
stations, in which the ruling Na- 
tionalist Party, the Taiwan Provin- 
cial Government, the Education 
Ministry and the Defense Ministry 
bold major stakes. 

The opposition Democratic Pro- 
gressive Party accuses the Nation- 
alists erf using media influence to 
maintain the grip they have had on 
power fa the last 40 years. 

Applications fa 29 FM radio 
stations will be accepted staitmg in 
May, Mr. Ma said. In December 
the government approved 13 radio 
applications. Taiwan now- has 33 
radio stations. 21 privately ownoi 
The Nationalists have considerapie 
influence over the Broadcasting 
Corporation of China, the largest. 


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4 W INTERNATIONAL m + 4 

licmfeJI&fcrilmnc 


Saturday -Sunday, January 29-30, 1994 
Pane 14 


FIRST COLUMN E 

Mammon’s 
Agnostics 
Win the Day 

O F all the gods worshipped in mod* 
era times, Mammon is one of very 
few to be untroubled by agnostics. 
Them are plenty of atheists — chat 
is, pleoty or people who arc violently op- 
posed to the cult of money and the markets. 
But agnostics? People who argue that money 
doesn’t matter or that it can’t be controlled 
are difficult to find. 

Most modern debate centers on how the 
forces of capitalism might best be chan- 
nelled, the endless argument between liber- 
alism and central planning, or, now, its 
nephew, dirigisme. That debate is predicated 
cm the assumption that capital has some 
intrinsic moral quality. 

For the libertarians, it is deemed a good 
thing, and should be left to free us all to do 
or die. For the central planners, it is a dark 
force, something that needs to be controlled, 
trimmed and constantly redirected toward 
some communal good. 

B UT a financial agnostic will tdl 
you that, judging from the way 
capital markets of all sorts behave, 
money is neither inherently good 
nor evil. It is random, unpredictable, and 
knows only itself. 

The notion of a solipsistic market suits 
neither Mammon- worshipper nor atheist 
Neither will be pleased by the idea that the 
markets can be predicted by valuation theo- 
ries involving the decision-making processes 
of immature business school graduates. Nor 


Then again, maybe the market is not so 
much predicted but explained, in the manner 
of meteorologists who can explain exactly 
why they failed to predict a certain weather 
system. 

The performance of mutual fund manag- 
ers against the market indexes certainly 
leaves them with a lot of explaining, and a lot 
of performing, to do. Perhaps their error is to 
believe too much in a false god. 





Hands-On’ Managers: Dinosaurs of the Investment Game? 


By lain Jenkins 

P HILLIPE Canoux alarmed col- 
leagues in die Paris stockbroker-age, 
Ferri, when be started throwing 
darts against the company notice 
board. Surprise turned to amused outrage 
when everyone realized that he was targeting 
the share Listings page of a financial newspa- 
per. It was iris way of picking five shares for 
the firm’s annual investment competition. 

For a broker, who makes his living advis- 
ing clients which stocks to buy, it was an art 
of heresy. Unabashed. Mr. Cartoux. who is 
the firm’s chartist, said that he is confident 
of beating the majority of his coDeagues. 

‘Picking shares has got nothing to do with 
analysis," be said, “It is like tossing a coin — 
luck.” 

Behind the joke is a serious point. Are 
highly paid financial advisers and fund man- 
agers who cost mutual fund investors up to 
1.5 percent annually really worth the money? 
Or would the investor be better off leaving 
investment decisions to a dart or, more sci- 
entifically, to a computer that runs a fund 
that simply mirrors the performance of a 
market index? 

The answer is an open secret in the world 
of financial advisers. Between the dart 
thrower and the stock-picking fund manager 
there is not much to choose. Investment 
games in financial magazines that pit a 
blindfolded monkey against top fund man- 
agers show that the monkey wins almost as 
many times as it loses. 

However, the outcome between the index 
and the fund manager is much clearer. The 
fund managers, sitting in mahogany pan- 
elled rooms in well-cut suits, are consistently 
beaten by the computer which passively 
tracks the SAP 500 in the United States, the 
FTSE in the United Kingdom, the Nikkei in 
Japan, or any other index. 

‘The figures show that the indexes relent- 
lessly perform better than three-quarters of 
all fund managers,” said Nigel Legge, the 
London head of unit trust management at 
James Cape!, which leads the market in Brit- 
ish retail index funds. He said that over a 30- 
year period, investors would have got an 13 
percent average real return by tracking the 
index in their chosen market- This is far 
better than if they had invested in the aver- 
age mutual fund. 

So why do investors pay for expensive 
managers who can’t even bait the index? 

The answer is partly that index funds are 
seen as boring, they are not going to do 
anything spectacular. For many investors 
the lure of a managed mutual fund is the 
upside. With a lot of luck and some good 
judgment investors in “actively” managed 
mutual funds can see spectacular gains. 


Investment Theory 


Page 15 Wm 

The Harvard Business 

School indicator Tr 

Page 17 

A revisionist view of classical valuation tools 
Whafs in a chart 


Anyone in the United States who put 
money this year into Lexington Growth & 
Income would have thumped the SAP index 
by a massive 259.71 percent. Nothing can 
take away from Lexington’s performance 
but the figures tell a different story over the 
preceding three years. 

Investors who bought into Lexington late 
1989 and then sold three years later in 1992 
would have been in for a surprise. A large 
chunk of their capital would have vanished 
as Lexington was consistently one of the 
worst performing funds over chose years. 

Tony Fraber, a pioneer of index funds in 
the United Kingdom and now chief execu- 
tive of Singer A Friedlander investment 
management, said: “There is always going to 
be a manager who will beat the index. The 
real question is: Can you — as the small 
investor — pick the manager every time? The 
chances are that you can’t- So, if you want to 
be able to sleep at night you may be better 
off picking the index.” 

In the early ‘80s in the United States and a 
little later in Europe there was a move by 
small investors into index funds. It was fu- 
eled by advertisements in the international 
financial press showing that more than 90 
percent of “active” fund managers did not 
beat the index. But it didn't catch on as much 
as many experts had predicted. Nevorthe- 




m 
M 

M 

i 

m m m ii|| ' • -l - 5 | | 

mi Emerging Markets 



29 If* 


many funds have bnradened 

Eissassasgg 

improvement in stock {ricking) explains 
they are beating the index „ 

“There has been an increase m anaii- 
canmany investments. These have ouEpeT" 
formed the rest of the market oyer recent 
years. At the same time blue chip brand 

names and hialth care stocks -—wtoch make 
up a large component of the SAP have 
taken big hits," said Mr. McBride. 
Thisoutperfonnancc by the smap-comp^~ 




Source: Mioopal, MSCI. IFCI 

less. Wells Fargo, the San Francisco bank, 
now manages £150 biQion in passive funds. 
Retail investors in the United States, with 17 
percent of their stock investments in these 
Hurls of funds, arc becoming increasingly 
sophisticated with “tilts” and other perfor- 
mance enhancers. Outside the United States, 
the same trend has taken place, but on a 
much smaller scale. 

The logic of indexation seems ovawhdm- 
ing. Apart the performance reliability the 
investor pays between 03 to 03 percent in 
fees for a passive fund compared with 13 
percent for an “actively” managed fund. By 
buying a “passive" fund the investor already 
has a headstart 

But over the past few- years — just as 


economic recovesy that is tasragpu** 
by faffing interest rates. Often smaller com- 
panies are more interest rate-sensitive than 
bine drip companies, which means that a rat 
in interest rates has a proportionately benefi- 
cial effect cm them. 

Todd Doersch, marketing di rector of 
Barra, a California company that supplied 
computer models to the fund management 
industry, calls it the “size effect.” 
uoawMU)ori Hcr^Trft«mc «xhcre is a tendency amongst active man- 

indexation has taken hold as a mains tr eam a ® =IS weight *beir For 

inves tment too l -tofipro that, mated 

f^r c^ufli^ii ^tawfaic bgoBa long 


improvement talrmg place ligh t Up mrtfl las t 
year when 755 U.S. fund managers- out of 
1207 (63 percent) beat die index. A similar 
pattern can be seen in almost all other devel- 
oping markets. 

Does this mean that the fund managers 
are doing Iheir job better? Not necessarily, 
said Bill McBride at Upper Analytical Secu- 
rities Corp. in New Yak. According to him. 


A Relative Look at Absolute Returns 


5-n ! 


D ERIVATIVES funds are the new 
kids on the block of coDective 
investment. Everything about 
them is new — their investment 
style, their marketing stance, and especially 
the way their performance is measured. 

Their managers argue (hat it doesn’t make 
sense to measure them against an index The 
argument runs that performance should be 
measured in “absolute” terms, since the 
funds invest in financial instruments whose 
value varies according to the fluctuations of a 
wide variety of share, bond and interest rate 
levels. 

“Absolute return is the return you get 


above the risk-free market rate. If you were a 
doUar-oriented investor you might say that 
return would be the three-month rate offered 
by a prime bank," said James Wflmot-Snrith, 
trading director of GN1 Fund Management, 
a London-based derivatives fund manage- 
ment firm. 

“This type of investment should have vir- 
tually no correlation with the world of share 
indexes, like the Morgan Stanley Capital In- 
ternational share index, or tbeTrib Index." 
agreed Marc Landeau, president of Olympia 
Capital Management, a Paris-basea firm 
t hat organizes derivatives fund managers 
and orthodox fund managers into “funds of 


funds” with the aim of minimizing risk. 

The paradox of measuring the investment 
performance of these funds is that in the 
world erf “absolute" returns, relative perfor- 
mance is king. “While H doesn’t make sense 
to measure these funds against conventional 
indexes, it is interesting to look at how other 
traders in the peer group have dona Hus year 
the top returns were around 40 percent,” 
explained Mr. Wflmot-Saath. 

The principle is to measure like against 
like. On this argument, the only benchmark 
for those who claim tonffer risk-free perfor- 
mance is the performance of others who pro- 
vide the same service. 


Mr. Fr aber at Singer A Friedlander in Lon- 
don comparing t he perf orman ce of 1 17 mu- 
tual funds tothe FT All Share index in the 
United Kingdom. The statistics show that in 
1988 and 1989 the index came in its habitual 
place in the top performance quaitfle. In the 
next .four years , the index slipped into the 
second quartile and came 38th, 37th, 61th 
and 62d. 

A poor performance? No. When the fig- 
ures are averaged out over the six-year peri- 
od the index came a remarkable 14th. This is 
due to the erratic performance of the fund 
managers. Most private investors would be 
very happy with the return offered by the . 
index. After aD, how many investors could ■ 


ow many investors could • 3fICC 
;4bc 13 finals that oulper- • 


The logic of indexation” is increasingly 
accepted by the big pension funds and ins&r 
tations- Hardly a week gpes past without 
news that yet another pension fund has 
sacked Its “active” fund managers and 
tamed to index tracking. 

Can it be long before the private individ- 
ual tires of paying heavy fees to a manager 
who can’t beat the index consistently? 

The Money Report is edited hy 
Martin Baker 


?,*rtxts 












Eo'lolo 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 29-30, 1994 


" . - THE MONEY REPORT ^ 


Page 15 


rom 





at Where Not to Go 


ByJJLPfeffer 


^fT'V OyoBwanttofiiuJtlK ageo 

> Unit 

C 5 Sty aboimd « With ficr 
toave indicators - financial SS 
fw wlian not to put your the ? 
is a rdatwtfy untried at d 
.^Ktojaneyeonpeopfelongra “n 
ybedjongon debt and shorten eeari 


•raids jm MBA. career dances] 
ecraomy," says Karen 
i>owd, DirectOTof the CarcerMan- 
sgtttont Center at the Darden 
Graduate Business School at the 
U^versrty of Vagwi “In tfce of- 
ncc, wc always say that well know 
when the recession is over before 
the president does, just by kicking 
at the recruiting numbers.” 

~*Lock at- companies whn are 



Investment Banking _ 


'ddCT Ljf* “ ““yanks wfeo arc 

asassffsssstE 

Item wta thrir 


-rSsafeverfah Sg!? ^ ^ mdi^tes 

Sthoa from But when MBAs startflodcing to 

.-SSSarSS -3fflSsa«S- 

-SM&jSfe* 

observ^ume and again m mdus- ttofsaine commodfrybe h a stock. 

■SSSJte-SSP* - “bond^lcS 

?* { I nidd y becomes overv^^^^ 
2S5 This principle was spctfacularfy 

mn^wr of MBAs and the harder demonstrated^ Mr. l^irirtde- 

™ n^vT... .w scription of investment banking 

£0 ™§ dm *“S <*“ mid-1980s. Between 
tod^ ^eoaroared to before, and 1983 and 1987, the percentage of 
.wto^^sogggst about how , the Harvard BusmessSc&'s 
individual sectors nay perfonn in graduating class going into invest- 
v : v- • ' nK5nt Banking rocketed to 33 per- 


1991 Harvard MBA now walking &g 
as a management consultant in ; ; vf! 

New York, "IhatVwhat drives tfg* 

MBA job decisions" Miss Dowd 
agrees: MBAs went -into invest' •* 
meat banking in the mid- 80s for i^5^- 
“twoobwcaiSTeasOTS-Oneisglam- $&\ 

oar and the other is money. 1 * ■" 

_Entertajnrrient/Media 

booming or that expect an upturn Ip*® x / \ _ . 

in their fortunes. When compani es ~j \ g|$ 

“are comfortable enough with their ( %* \ f\ ~ Bl 

own growth potential and secure V 7 \EB|flwr 

enough in the business they have 7§S : l — — fPErW 

Knod up, they come to campus to V^EEn HI JK 

hire MBAs,- explains Roxanne sat* w BBl BUm/ 

Hori, a former placement adviser at " nd y y. lljlJEB fl I | I | 

Kellogg Graduate School of Bus- ■ Ijjf BfmB ME flMjf 

ness and now vice president of ho- 

man' resources at Northern Trust ?feN»W?afr?W. *90 * 

BankinOncagp 'ffiV.. .&■ ■-■■.' — - 

What do the 1993 Harvard data Source: Harvard Business School: Morgan Staniey. 


I I I 


■91 ■ •92 -93 


What They Don't Teach 
at Harvard Business School 

Ba& show percentage. of Harvard! 

■ ,[3usiness School ^Ouatkigti^Wa<xe^ 

■ jot® in the cpvm industry- *caW 

... rnaasuwsirKki^snrH^ returns,' 

.^ 12 -fTcrth perton-napee Btrough Jura of Standad 
& Pool's secior 3TdexBs. e>a»pt ctfisrwtse noted. . 


- 1 Health Care/ 

30 i Pharmaceutical 


*83 *84 *85 . , 86 *87 *88 *89 ’90 *81 *92 *93 


“ 99 - *91 ■ *92 *93 


1S( 

I .80.'* 
40 J 
.30'.: 
20 ':- 
. io !■ 

I 0 ! r 

1 - 10 -.! 
i ^0 i 


Computer Systems 




suggest about which bubbles are set 

to must and-where the next pots of during the glory days of 1986 when 
gold are to be found? Wall Street finns were expanding 

If there is an equivalent of in- with abandon at home and around 
vestment banking of the 1990s, it is the globe? 
management consulting. The run The signs of coming oversupply 


negative equity returns in the sector 
over the following year. 

In health care and pharmaceuti- 
cals, lowish hiring from 1988 


*86 '87 *88 ’88 *98 *91 *92 .33 


hiring is probably a good omen for 
the sector. 

In energy, although the data are 
limited, the striking picture they 


*83 *84 *85 ’86 *87 *88 *89 *90 *91 *32 ’S 3 ; 

~ revenue growth in U.S. 3 Europe, in billions ol dollars 1,rr 


FUND UP 12 7.2% 


management consulting. The run The signs of coming oversupply though 1990 was accompanied by draw is one of almost perfect in- 
up m consulting hiring began in the are dear. Tellingly, “there is my annual equity returns between 21 verse correlation. In the few years 
early 1980s, but has now reached aggresave reenuting by the con- percent and 30 percent. In 1991, in which Standard & Poors com- 
all-time hei ghts. suiting areas of the Big Sox account- when MBAs started to smell the posite data in the sector were a vail - 

MU boom rhyme with doom in mg firms,” says Ms. Hori, the for- bacon and to go into the field in able, equity returns hit a high when 


consulting as h did on Wall Street mer Kell 
in 1987? “Economic indicators "Hu Big 


; placement adviser, somewhat larger numbers, returns hiring bouomed out and returns 
have to find another promptly fell to single-digit levels, tumbled precisely when hiring 






the next year or two? 

- •- fere's a 10-year lode at the per- cent from 15 percent. Then, on bet 
m a vmcay of mdnstries 19, 1987, the stock market crashed, 
bursting the bubble of years of 
Harvard, that paragon Wall Street excess, not to memion 

k a ■ . ^ <* many an MBA of 

on dm job decisions of qmk money on Wall Street - 
the class of 1993 have surprising in (he immediate aftermath of 
anpheatons for the conung for- the crash and the Boesky and M3- 
tnnes of several industries. The ken insider-trading p pafldai^ WaD 


point to a downturn in consulting revenue stream to counter the drop In 1992, returns plunged into the peaked Four years do not make a 
hiring now or a year ago,” says off in fee income from the tradi- red as even more MBAs arrived trend but if you are thinkin g about 
Darden’s. Miss Dowd “However, it tional audit business." The number of MBAs remained making a bei on energy stocks, the 


is not happening yet. We've seen an 


tional audit business. ** 
Rem embering Mich ad Lewis's 


trend but if you are thinking about 
making a bei on energy stocks, the 


f - - i 


most striking case for a meltdown 
is consulting, which absorbed a re- 
co®d 3(L5 percent of 1993 graduates 


Street took in only 12 percent of 
1988 graduates. But surely with all 
their business training, hotshot 


(sec graphic I). The last example of MBAs take in a wi^Trangeof deri- 
so many Harvard MBAs going into sion eriten^ Tike, job security, in- 
a smgje fidd was investment bank- dustry prospects, pension plans, 
ingin 1986. •• Notso: 

.; “As a standard rule of thumb, “ High starting salaries,” says a 


increase, namely in two areas of advice, h is probably a good idea to 
expansion: systems and interna- stay away for awhile from compa- 
ti ratal client growth. If consulting nies whose revenues depend heavi- 
firms were relying exclusively on ly on co nsulting activities, 
the UJL market, there would be a In industries that absorb fewer 
downturn. But from what I can see, MBAs, the correlation between 
■ firms are expanding the number of MBA hiring mil performance is 
offices and schools they are hiring somewhat weaker and more erratic, 
from. They can’t get enough MBAs but a quick look at the data yields 


relatively higb this year, so it is record low hiring in the field in 
probably still a good idea to steer 1993 should make you rest easier. 


clear. MBA hiring in real estate is 
highly cyclical, although the corre- 


In many industries and sectors 
not considered in this report, the 





iation with broad real estate re- data are too insignificant or erratic 
turns is relatively weak. The slight for drawing any conclusions. But 
increase in hiring in 1992 and 1993 often, MBA hiring data serves up 
after the all time low in 1991 is intriguing insights about industry 
probably, however, a positive sign performance, not to mention the 


and so are going to Ph-D-s, law several interesting ins ights, 
graduates, mathematics pro- In entertainment and media, the 
grams.” record spike in hiring in 1993 is 

No downturn in consulting yet, cause for concern. The last hirin 


that some recovery is due. 


behavior of freshly minted Harvard 


In computer systems the highest MBAs. And while these folks may 
hiring levels were accompanied by be smart in many respects, it is 
some of the lowest returns. In the usually better to run the other way 
last three years, hiring has been when it comes to betting on the 


no Qowninrn m consulting yet, ramsp for concern. I he last nmng last inree years, mring nas oeen wuai » comes io Dcumg on me 
bat who would have predicted the spike, although smaller, occurred declining as returns have started to sbon-iena prospects for an indus- 
mdtdown in investment banking in 1990 and was accompanied by torn up. The 1993 low point in try. 


BRIEFCASE E 

Emerging Markets 
Give Healthy Return 


Emerging Markets .In fact, after crunching a few 

- AH 39 rlUL-bsted dosed-end - industrial Mt a new yearly high 
enwrgjngmaftet funds that were m an^the mflitieshit a yrariy kwm 


business since the start of 1993 
ended the year winners, .reports 
Thomas Heizfdd, a Miami nxmey 
manager who mate* theW ex- 
change-traded fundshis spedaky. 


the- same week, m 1965, 1972 and 
1990. Shareowners who sold when 
it happened were abk to avoid 
3osses,ranging from 20 percent to 
40 percent thatbegan within a few 


The median retnra w mort fiatf dm to a few months later. 

50 percent . ' -.I wLi . ^&ai mayor rmyBOthaHpen fins 


50 patent. ' ’ ' •' • > .'-V •' 

Leading the pack was the Great- 
er China Bum, rtin jpr. Bam^R 
winch rase l 02 percerit dnririg me 
year, aidedasamfy by the strong 
Hong Kong market, where most M 
the timid's assets are mveSted.' |f 
was foilowed by die^oriqA- In- . 
.vestment Fund and the first Ffcfl- 
ippineFund, cachof wfn&vmvp 
90 percent. ■’ 

The worst of the 39 entries was 
the ROC Taiwan Fund, but it stSI 
gained 18.6 percent on the year.-, r 
. _ : Mr. HerzMdnotesin tea adviso- 
ry letter that his xnadeet reviews 
insist have sounded like a broken 
record near the end' of the year, 
with emerging market fnnds anKHig 
(behest pjaformen for manyweeks 
and. nnnridpal brad, funds among 
the worst, what about now? 

"Interestingly, our New. Year's 
buy list looks uke the flip side of 
this record,” he writes, “for I have 
been a heavy seller and profit taker 
(rfcountiy funds in the fourth quar- 
ter of 19», and I am loading up on 
.hosted muni funds.” Many of 
tiiese, he notes are trading at dis- 
ootots of 8 to 10 percent of tbeir 
attasset. values. : 

From Dow UUIltloo, 
tgttmrilons of Risk 

- -There is arnxni irecedcntcd drver- 
BCDcein two key UB. stodc mark et 
&£ce$ that worries the investment 


ed. Luxembourg-domiciled SI- available to qoq-UJS. ritizens, with 
CAY, invests in Tjtm American a minimum initial investment of 
sovereign bonds and high-yidd $30,000. 

IfA corporate debt, with New For further information, call 
Yank-based Scudder, Stevens & Scudder Ltd. in London at (44-71) 
Clarit serving as investment advis- 265-0077. 

I*? - "2- 

cstin the fund has come from Asia, U.o. ASS©1 lOlalS 
setting up the following improba- The UBL mutual fund boom con- 



tim^ but the poor showing of The 
mffi^avco^phis -other incfica- 
tCffs hc tracks, fcad Mf.' Stadc to 
coodude that “dearly, technically, 
ti^isno lender albw-rist market” 

AnliKlosuez Fund 
For Worldly Invooior : 

-■'! Ftmd investment, like politics, 
can mak.ejforstnmgebedfwows, as 
the' Indosuez High Yidd Bond 
Fond illustrates. The fund, 
hwmrfied last July as. an openrend- 


ble scenario: Chinese investors tak- tinues. Last year, the favorite star 
ing a position in a European off- tistic of the LJJS. mutual fund in- 
shore fund that invests is Latin dustry was that one American, 
American brads. Analysts say such household in two had a stake in a 
mtercommental, polyglot relation- mutual fund- Thai boast was partly 
ships are becoming more common based on total assets under man- 
bs tire fund industry increasingly agement of SI -595 trillion at the 




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MONTTE-CARLO - February 11 -1 3. 1 994 

Top International Speakers ham : 

- BaHerymanch - Gabetti Spa - Salmon Trust 

- Boaz Allen - Groupe E. de Rothschild - Scottish Value Mgm't 

- Gtibank - Groupe Pierre Ter - 5ofheby's 

- Darier Hentsch - MdGnsey - Wellington 

Oifjmihnl hi : Capital E'pni* - Tfl : 33 M 307 180 - Fov 33 *2 Jft7 667 


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GUINNESS FLIGHT 


GLOBAL GOLD FUND 


n n b n mm am 

taw Kflp*rtck. Oiimcu Pl%bt Fund Mngr, (Cmnncv'l Uwd. 
GnUnoa FS|ia Hum. f O Boi 250. Goen*r, GV1 3QH. Quid IdmdL 
Td 1441 481 r|-|7S.b(44) *81 713065 


■Sornir MtaBliaL 0U» IB onr, fnm Ihcokh MmM Id USS 1.UB-11M. 

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He (naw aUa ten 8 m* M te a me a hi gonmad bsaS br 

Bimmanbita Stem Ante M« nqii»ii mLci<m.iBi»Bte»rtff510«riCljniao nn« 


a global marketplace, 
the five months following in- 


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But the strength of the markets 


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THE MONEY REPORT 


Page 17 


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Is This Bubble Really Puncturi 




- 0 $m. 




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Average from 1970 to present = i.M 
Average tram 1950 to present «= 1 .87 
12/31/1993 = 3.36 


By Conrad de Addle 


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Average trom 1950 to present = 2656 ,v 

12/31/1883 = 3758 , <?« 

lOMfiunoml Herald Tribune 


Ll ’ Wizardry 

■■"••'.- -/. ~~ • ..i — ... - — u/Mthv Hurirmsn rtf Britain’s society of techs 



By Afipe StiBvap . . . - 

HART1SM, or technical analysis as 
its practitfooers prefer, was once 
shrouded in aimost Masonic secrecy. 

. ^w*- No longer. In repent years, private 
investors have gamed '- nnparalkted access to - 
fefcHTnatkra that was once the exclusive pro: 

• ^saye of major institutions. The resolt is that 
■they can look, at ma^et prices as a function of 
■jffwwfect capitalization, at amounts of corporate 

y nA sold or porAased by directors. Qj at long 

-boadyidds overmterest rates. Thelistis almost 
iR infinite. ' 


to predict them. - . _ 

iimdamentatists argue that investors can 
overreact or undexreact to events in it wot that 
vriH leave stocks oyer- or undervaloed, and thm 
the canny stbek-pideer will correctly identify 
such anomalies more than half the time. Teat- 
trical analysts; by contrast, lo ok at investor 
brihavmr and price mowinep& deriving preaip- 
lions from the rattens they identify. 
Fundamentafists stxQ predominate in the 

■ » t -t ^ .1 'Rut stnrthmV- 


Whitby, cbaiiman rtf Britain’s society of tedun- 
cal analysts, said the balance rtf power between 
theoretical and practical disciplines is now 

is a very dear trend now that people 
are going back to more traditional, less compli- 
cated technical analysis, because that works 
better," said bfiss Whitby. There is less reh- 
imBR on computer programs to produce boy 
and sell recommendations, and companies are 

I - - - » * • xunMltn- ItflffmC " 


T HIS time it’s different For several 
years now, that phrase has been used 
to shrug off the persistently high val- 
uations in the US. stock market. 

By conventional methods of measuring value 
— the ratios erf share price to earnings, book 
value and dividend yield bang the most com- 
mon — stocks amply are selling for more than 
they’re worth. All three indicators remain 
above levels that in the past have foretold the 
onset of a bear market, and they have beat 
there for two to eight years, depending on the 
market index and the measure of choice, ac- 
cording to the chartists at Ned Davis Research. 

Consider the price-to-dividend ratio. When 
the stocks that make up the benchmark Stan- 
dard & Poor's 500 index trade for more than 32 
rimes their annual dividends, they arc consid- 
ered too expensive and primed for a falL The 
index is dose to its all-time high, and its compo- 
nents recently fetched 37 times their dividends. 

The other closely followed measures look the 
same. With corporate earnings picking up, the 
price-to-earnings ratio of the S&P 500 has fall- 
en back to 23 from its all- time peak of 26 late m 
1991, but it is still well above the 18 that has 
signaled past market tops. The price- to-book 
nutioof the S&P industrials index was 3.68 at 
the end of December, weD beyond the 2-ttmes- 
■■ ' ive. The last time it was 


bobble, if that is what is indeed forming, re- 
mains intact. Why? „ 

One opinion is that stocks are not rally 
overvalued, that the traditional ways of valuing 
companies no longer measure what they used 
to. For instance, today's high P[ ice ' l0 ' b ^ 
values are dismissed by some who say that 
modem accounting methods understate assets, 

and therefore book values. 

One who fearlessly dismisses the apparently 
high valuations is Elaine Gaizarelli, the respeo- 
wfpnalysi at Lehman Brothers who has swiped 
the position of most dosdy followed market 
wizard away from Mr. Prohter. In a widely 
Quoted pep talk made at a business lunch last 
week. Miss Gaizar elli said stocks were not 
overvalued at all but were actually 20 percent 
undervalued when compared with todays mi- 
seriy interest rates. She foresees the rally con- 
timnng indefinitely, with any correction from 
hare limited to a painless 4 to 7 percent. 

“This stock market party could go on forev- 
er," she said. 

Really? Forever? 

“The party will continue until rates go up, 
she added. Chances are that event will be a lot 


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ci 

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■anddubs , — Er „ 0 

&S are burgeoning _ __ 

. “Tijeie is no doubt interest is growing, said 
■R ffbm QnffHhs- chief technical analyst at Umr 
)daa stotkbnefceragp James CapcL Thai is be- 
muse people have mwe^c^ t oj afe 

• has been, particulariy in the 

' 3 Rjgh-cxdiange naukets." 

* Mt Griffiths » also dutixman : of the New 
^York-based International Federation of Tedt- 
*incal Analysts.- The groqi has about 3,500 
jnemhers and admniistcre exams to identrfv 


iDR firms, merchant banks and the growing 
number of offshore hedge funds that {day the 
frwanrial marke ts are placing increasing nu- 
ance on 1 techniques that, five years ago, they 
mi gh t have scorned. 

rtola Voosden, European technical analyst at 
stockbrokers Menffl Lynch in London, said 
private and institutional investors are increas- 
■ ragly appreciative of technical analysis. 

“Peoirfe like to hkve a different viewpranLto 
have authe pieces of the puzzle,” shc^sajd-Tn 
about 70 percent d cases ^ we look at the funda- 
mentalists and i^ree with timir reo om m anda- 
tion. We have a goad committee apOTaach here, 

not the war that goes on in some other places. 

Fundamentalists and technical analysts 


UAUpuu 

Thisls good news for international investors 
who should have easier access to good analysis, 
analysts saRL Another boost from this tram 


Trnhfiwi tecnmcai anaiysumu ura 

^alsoaBows^ associate memben, mostiy ifr- 
-rffividnal investors dealing on thrir own behalf. 
Ho' tiartidpaie in - meeti hp and gain *«*ss to 
Vw investment theories. Getting started is sur- 
: Singly mexpaiHve: Tednrical malysB oom- 

wnter programs can bopurchased for m little as 

■| 10 q, altbot^h most cost at least 10 times that 

Two premis es underlie analysis- 

•fKa* markets behavnin wayB thaiarepredict- 
' *aMfi, _ and that the jncdtodality 

1 i solated m iMttemsidentifi^e wnhiheMd ot 
Uxmipnters. It islhe secopdtf these 
^tbat distingbishes chartists man fnnaamaBai- 
J4sts investors who beBevt that stock, p' ccs 

. , md other prices are tte ptridpet of so mapy 
i •• 'V ' ' 1 - v 


and from the growing disapimc among 
cal analysts is that many of the market’s charia- 
tiwis are being weeded out 
“Too many of them haw been proved wrong 
in recent years, and h is getting easier* 0 d*®* 
names with people," said Mbs Whitby. The 
sodeties are not there as policemen, butmey do 
review events md spread information.” 

Established technical analysts warn investors 
to look for certain warning signals when en- 
couraged to subscribe to a new analytical w- 
vjee. Two obvious signs are trig claims —“the 
bigger the claim, the more cynical you should 
beabout it,” said one New York-based analyst 

and extreme secrecy about the analyst’s 

system. 

“The best and biggest names in this business 
are fairly open about what they do." said Mr. 
Griffiths. He cited the example of Bob rarreu 
at Merrill Lynch in New York, -the gra^fa- 
ther of technical analysis," who uses the behav^ 
ior of Merrill Lynch traders as an indicator of 
the U.S. financial markets. That is a propri- 
etary indicator, and one that has worked very 
mann a, t^aiavnu. «« ■ — - — z . ~ wcFL” grid Mr. Griffiths. 

Thdnrieri analysts believe that modon sys- 
dom fmn» of Wm urns wffl continue to gain presrtge, agowng 

investors to oqiloit more sophisticated tneonra, 
take on more risk and move from mdex tra£*r 


LUv WiU V* — — — - 

book considered expensive. 

below 2 was late in 1985. 

Differences in accounting practices makem- 
termarkel comparisons of valuation gauges drf- 
ficulL Japanese PE ratios, for instance, wffl 
always seem high to Americans. Still, with an 
average PE of dose to 70, even after Monday’s 
colossal 5 percent drop, the Nikkei 225 mdex 
would seem high to Japanese traders, as wdL 
That’s higher than the index’s PE at the end of 
1989, before h fell more than 50 percent. 

The high valuations that have been built mto 
U.S. share prices have, for obvious reasons, 
alarmed many an analyst- Rebar Prechter, who 
publishes the Global Market Perspective, 
writes that “current market risk is unprecedent- 
ed in U5. history. In fact, it’s probably not 
much less than what existed in 1 720 a t the top 
of the investment manias that occurred then m 
Fndanti and France." ... , 

Many assets lost 90 percent of the* value 
when that bubble burst. So far. however, this 


closer to now |ban to forever. But if the famed 
analyst finds it difficult to keep hex enthusiasm 
more tauilv tethered, it is because interest rates 
are indeed truly low, pretty much as low as 
they’ve been in three decades. So low that they 
make dividend yields —and therefore stocks 

1 °ftr P 5Sffi GamrelH’s reckoning, short-term 
rates, lately around 3 percent, would have to 
rise a percentage point or more before stock 
prices weaken appreciably. Others, less san- 
guine, also credit low rates with keeping stocks 
propped up as long as they have beea. 

“Interest rales are so low for the first tune in 
so long," notes Bernadette Murphy, a technical 
analyst at M. Kimmelman & Co. “It s been my 
observation that when interest rates are low, rfc 
multiples are high, and the traditional concerns 
about yields being below three percent are 
diminished because investment choices are so 

limited.” , „ 

But is choosing the least of several evils a 
sound way to invest? Lance Stonecypher, of , 
points out that in the good old days, when 3 
percent money was the rule, many a market 
slide began with dividends high relative to 

Treasury bill rates. . . 

Tf you gp back prior to 1968, the dividend 


vield-to-T-bfll indicator missed callmg a lotof 
bear markets." be said; exactly 13 between 1929 
and 1968. The point is, at some pomt, while 
the tills make a strong case (for valuations not 
being high! on relative levels, the absolute valu- 
ations have to come back into the picture. 

When they do. the picture could turn ugly. 
Wilh valuations so high- Mr Stonecypher 
warned, stocks look precarious and acadeot 

PI ^tmay be just too early." said Miss Murphy. 
“Excessive valuations can persist for years; 
they did in the ’60s." . 

Miss GarzareQi looks to that decade for in- 
spiration- Then, as now, stocks were overvalued 
for several years, driven by flows of cash into 
mutual funds and rates that stayed low for 
years. And they made a nice run eany on. 
nearly doubling in the first half of the decade, 
much as they have done since 1990. Ate 
though, there is less to be inspired by. After 
peaking in the mid-60s, the market went side- 

WayTlumbered to a slightly higher top in early 
1973. then collapsed. 

Today’s high valuations make James Stack, 
editor of the newsletter InvesTech Market Ana- 
lyst, nervous, but he says that a catalyst is 
needed to send the market to its doom. 

“Valuation is very mudl ^ mutl *“ 
frenzy we're soring today: It is not a healthy 
condition, but by itself it is also not a trigger for 
a bear market-" he explained. “Valuation doe 
not <""»■=* the market to decline. If we step back 
to the decade of the '60s, the market averages 
continued to frolic for most of that decade at 
overvalued levels. It wasn’t until we saw a 
massive shift in Federal Reserve policy m 1968 
that the blocks dropped into place for a bear 

market-" , 

There is one cruial difference between to- 
day’s market and the one a generation ago: 
That one was driven not only by stable, low 
rates, but by strong economic growth, as well, 
something conspicuously lacking lately. m 
“This is a liquidity-driven market. Mr. 
Stack said. “It’s a market that’s probably far 
more interest-rale sensitive than in the past. . . . 
I have seen a number of analysts who are 
adamantly bullish come out and say that as 
long as we don't see more than a half-percent 
uptick, everything wiD be fine, [bull by the tune 
r~. ch^rt-torm rates un half a percent, we 11 


UOEJUh bVMJuauig " *** i J - qi 

we see short-term rates up half a percent , we l l 
probably see the market down 10 to 15 percent 
already." 



nd by many academics m u* 

Tins holds liiat the price of the stock 
an accurate reflection off aD the information 
available to investors idating to that stock. It is 
therefore impossible to secondjgness the mar- 
ket without privileged information. 

Tedmealanabystsiiseawiderangeof ana- 
lytical tools to isolate recurrent patterns of 
market bdtevior. One of tbe best known is 


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s causes 

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Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY , JANUARY 29-30, 1994 


SPORTS 



Yes, the Bills Are Tougher, but Is That Enough? 


By Thomas George 

New York Tima Senior 

ATLANTA — This Super Bowl 
will be different. 

Will tbe Buffalo Bills and the 
Dallas Cowboys give us a game 
Sunday instead of another 52-17 
runaway? Will the Bills finally 
show why they have won four con- 
secutive American Football Con- 
ference championships? 

Are the Cowboys invincible? 

Most people seem to think so. 
Not here. Sure, the Cowboys are cm 
a roll and their weapons on offense 
make defenses blink. Their aggres- 
siveness on defense makes offenses 
shudder. 

They are a finished product and 
exhibit it before games, during 
games and after games. They have 
Built a remarkable reputation. 
They are being compared to the 
best teams that have played in the 
National Football League. 

Same teams. Same game. 


But this Super Bowl will be dif- 
ferent. 

Here is why: 

The Buffalo Game Plan 
You can find some Bills who will 
tell you they have not had a Super 
Bowl game plan they have liked. 
Marv Levy and his assistant coach- 
es have learned their lessons the 
hard way. ExpecL them to turn the 
Bills loose and take more chances. 

On offense, it has to start with 
Thurman Thomas. He ran like a 
man possessed against Kansas City 
Iasi Sunday, and his offensive line 
blocked that way. too. Many ele- 
ments of the game plan against the 
Chiefs should have success against 
Dallas. Especially misdirection. 
The Cowboys have a first-step, in- 
your-face defense. Get 'em going 
one way and hit 'em the other way. 
We should see plenty of that. 

On defense. Buffalo will begin 
with an emphasis on thwarting Em- 
mitt Smith, and that means an oc- 


casional eight-man front The Bills 
have long been a >4 defense that 
has been pushed around in Super 
Bowls. More beef up front is criti- 
cal against Dallas, so die Buffalo 
defensive game plan will feature a 
more physical presence at the line 
of scrimmage. 


the World vs. Bills theme. And this 
season they have been more like 
Levy than in previous seasons. 
They think before they speak now. 
They have learned to put the team 
first in tbe most difficult manner. 


Turnovers 

The Bills made nine of them in 
the last Super BowL 
Then they went out and led the 
league in turnovers gained this sea- 
son. These Bills fully realize the 


Maturity 

The Bills have all grown up. 

They have gone from being tbe 
Bickering Bills to playing as a truly 
cohesive emit. Darryl Talley, a line- 
backer, said it best: “When you've 
been pushed and scraped and plas- 
tered up against tbe wall like we 
have, some of it sticks. We’re all 
stuck up there together — the team 
that can’t win a Super BowL We've 
fed off each other. We are one.” 

Their three straight Super Bowl 
losses will provide them with even 
more unity. This is a team that has 
paid attention to detail in prepara- 
tion this week and will thrive off 


The Buffalo Defense 

It has the personnel and the grit 
to keep the Dallas offense from 
blowing the game away. Bruce 
Smith is healthier than he has been 
in recent years, and Talley is the 
heart and soul of the defense. Safe- 
ty Henry Jones is a true playmaker. 

The key is the matchup between 
the Dallas receivers and tbe Buffalo 
comerbacks. With so much atten- 
tion placed od Emmirt Smith, the 
recovers Michael Irvin and Alvin 
Harper could turn the game upside 
down. Here is where the Bills’ pass 
rush comes in. Unlike most teams, 
they will get to quarterback Troy 
Ailrman. Bruce Smith will help 
make sure of it 


importance of protecting the bell 
andof 


taking it away. Expect them 
to win tbe turnover battle. 

That said, what may hurt the 
Bills more than any otter factor is 
their no-huddle offense. It bit snags, 
during the regular season, like all 
NFL offenses did. but regrouped 
and finished strong. It is an offense 
that has got tbe through the 
AFC in each of the last four seasons. 

And then it kills them in Soper 
Bowls. 

You’re asking Tor trouble if you 
go three and out with the no-bud- 
dle against a strong NFC team. 
Especially against Dallas. The 
Cowboys are among the best at ball 
control even with tbe explosive, 
quick-strike weapons they feature. 


Kerrigan Attaek 
Has NFL Worried 


By Dave Anderson 

AVk Jar* Trines Service 

A TLANTA — As soon as run Kellv sauntered into the ballroom of 
the Stouffer Waverly HoteL a security guard. Bob Hall, glanced 
down at about two dozen members of the news media below the small 
platform where the Bills’ quarterback would sit at a table for a Super 
Bowl XXVHl interrogation. 

“Please don't get on the podium," the security guard said, “Please don’t 
poke him in the~face with your microphones." 

Kelly tapped Hall’s chest and sat down. At roundtables and other 
platforms, his Bills teammates also were answering questions, but Kelly was 
the only one with a security guard next to him. And when Kelly departed, 
he walked between Hall and another guard in a red windbreaks. 

The Nancy Kerrigan syndrome has permeated the Super BowL too. 
Over the years. Super Bowl security had grown tighter anyway. Visitors 

’ — to a player's hotel room roust sign in. 

Vantag e Phone calls to players are screened. But 

Point when tbe Olympic figure skater Kerri- 

* gan was smashed above her right knee 


by an assailant eight months after the tennis champion Monica Seles was 
stabbed, the National Football League stiffened. 

“Tbe first thing we thought of.” said Warren Welch, the NFL director 
of security, “was, ‘Could these things happen to us? ’* 

The answer is. Why not? If a gambler or a devoted fan wanted to affect 
a team's chances of winnin g the Super BowL a quarterback such as Troy 
Aikman of the Cowboys or Kelly would be an obvious target for an 
awailflnt- 


“Bui we’re big enough physically that some people might shy away,” 
said Kelly, who stands 6 feet. 3 inches tall (1.91 meters) and weighs 226 
pounds (1D2 kilograms). 


Even so, size would not deter a determined hit man or nuL That’s why 
security for the players at this Super Bowl is lighter than ever. 

“U you’ve got somebody with a gun, that would neutralize even a 
player who's 6-10 and 300." Welch said. “The Seles situation was bad 
security; tbe guard wasn’t watching the stands. The Kerrigan situation 
was an inside job. But if you remember the Eddie Waitkus incident, the 
girl had a gu n." 

Eddie Waitkus. then the Philadelphia Phillies first baseman, was shot 
in a Chicago hotel room in 1949 by 19-year-old Ruth Ann Stei nha g en . 

“The Kerrigan incident awakened the antennae of all sports security 


people," said Charles Jackson, the NFL’s assistant director of security. 
“It reminded us how accessible and vulnerable our people are to the 


unannounced invader. The amateur stalker even has a greater possibility 
of success because we're more attuned to the possibility of a conspiracy.” 

A T THE HOLIDAY INN Crowne Center Ravinia, where the Cow- 
boys are lodged, no security guards were obvious around Aikman. 
but outside the ballroom area, more than a dozen guards in yellow and 
red jackets were checking news media credentials that include a photo 
identification card. 

At the Georgia Dome, where the game will be played Sunday, security 
guards are on duty 24 hours a day. 

At the two team hotels. Cobb County police are on duty 24 hours a day 
in addition to the NFL’s hired security guards and the NFL security 
agents in Buffalo and Dallas. 

If the Chiefs were in Atlanta, the quarterback Joe Montana would be 
accompanied everywhere in public by bis own personal bodyguard as 
well as other agents. 

After an interview session a week ago in Buffalo at the Hyatt Regency 
HoteL, tiie Chiefs' quarterback was escorted by Jackson, his own body- 
guard and two other security people to a car waiting outride the lobby. 



Gant Gets 
Top Dollar 
From Braves 


The AsuKtaied Press 

NEW YORK — By settling his 
salary arbitration case with the At- 
lanta Braves, outfielder Ron Gant 
agreed to the largest one-year con- 
tract in baseball his lory. 

Gant and the Braves agreed 
Thursday at $5.5 million, $500,000 
more than Ruben Sierra got from 
Texas in 1992 and the previous 
high. Gant, who is eligible for free 
agency after this season, got a raise 
of SI. 4 million. 

He hit 274 last season with 36 
homers (fifth in the National 
League), 117 RBIs (third) and 26 
stolen bases. Gant had asked for $6 
million and the Breves bad offered 
S5J2 million. 

Pitcher Tim Abbott of the New 
York Yankees, Colorado catcher 
Joe Girardi and Baltimore pitcher 
Ben McDonald also settled, leaving 
65 players in arbitration. For those 
who don't settle, hearings begin 
Tuesday. 

Free agent outfielder Dave Hen- 
derson, after six seasons with Oak- 
land, agreed to a one-year contract 
with the Kansas Gtythat he put at 
$1 million phis incentives. 

Also, firet baseman Steve Bal- 
boni returned to Kansas City, ac- 


The Nils ask too much of their 
defense. What a boost they could 
give themselves if they were to open 
with a modified version of the no- 
huddle and mix up their re pert or y, 
taking a little extra time in certam 
series throughout the game. 

Regardless of modifications, you 
can count on a strong showing by 
thc BIlls. This is an opportunity that 
will not end like the routs of their 
last two Soper Bowl appearances. 

Key Statistics 

The Bills (14-4) have a six-game 
winning streak, have ootscored op- 
ponents in touchdowns by 44 to 29 
in all games, having oumribed their 
opponents in two playoff games by 
304 yards to 163 and are 5-1 in 
postseason games when their bade 
rushes for 100 yards and 0-3 when 
he doesnot, 

The Cowboys (14^4) have a sev- 
en-game winning streak, have but- 
scored opponents in touchdowns 
by 49 to 28 in aQ games, were the 
only NFL team to finished ranked 
among the top 1 1 in all six nugor 
categories on both offense and de- 
fense and can join Pittsburgh and 
San Francisco as the only teams to 
win four Super Bowls. 

But tbe Bills are excited about 
thejr ch ances b ecause their defense 
is stoat enough to keep the Dallas 
offense from blowing the game into 
pieces. 

Jim KeOv's solid performance in 
the playofu is another reason for 
optimism. If he readies and sus- 
tains that level Sunday and his of- 
fensive fine does the same, the Bills 
are in excellent shape. 

They are battle-tested and they 
have the players to compete strong- 
ly against the Cowboys bom toe 
top of the roster to tbe bottom. 
They have the post-season experi- 
ence. They have all of the motiva- 
tion — seen and unseen —.that is 


The BUb Are Going to Win 


lutmoikevd HeraU TUbtme . 

PARIS— Tte Soper Bowl is going to be won by the BuffaloBUis. 
That’s a prediction yon can freeze with Jimmy Johnson s teirap 7 
Tte Bills are theWfflestof underdogs, because 

-three Sq»r Bovds aMbccansc last year the DaJteCowbo^^bun' 1 ^ 

than by five touchdowns. Up dose tire Bills look tike. the 
losers: From a distance they look like champions this time. no . 
could they ever force themselves into a fourth Super ® ow ] j 
they had a self-belief that is rare in these days of overrated an a 
ovapaid professional athletes. , . _ 

I think: they win ultimately move themselves totwber than to. 


„ 1 ultimately prove themselves loagow 

Cowboys, who this year proved they cannot survive tire absence a* 
tbadc Enmritt Smith. If they can't survive without 


one player, nmmngl — - , . 

him, then the difference in talent between the Cowboys and the rest 


of the league can’t be 
The Bdls stiflhave 


to win. They are going to confound 

everyone: For the firat time in three years, they’re going to play to 
win, rather than tb not lose. They are not going to get wown away. 
From the duly minutes they are going to establish control J think 
you’re going to see that their hearts are in it much more than the 
Cowboys*. If the Cowbc ivs are as tough as they claim, then it s going 
to be a dose and magnificent Super Bowl, and anyone couW win. If 
not, then Buffalo might just blow them out. ■ IAN THOMSEN 
P.S. — But then what do I know. Bring in -Europe!? 


THE SUPER BOWL ON TV 


The Super Bowl on Jan. 30 (Jan. 31 m 
Asia), is to . start at 2318 GMT and, 
acaonSn g to the National FoatbaB 
League, w*? be telecast m the following 
countries: 


EUROPE 


opting a mmor-teague contract 
autfielc 


Men WBna/AjKanfuax-Prtsst 

Jim KeOy at practice: The Bilk need him to be near perfect 


“No autographs," Jackson kept saying. “No autographs." 

As the Bills travel by bus to and from practice at Georgia Tech and the 
Cowboys do the same to and from the Atlanta Falcons’ complex, security 
guards will be with them. 

“When you’re moving players from one place to another, you need 
even greater vigilance,” Jackson said. 

In other Super Bowl weeks, the most disruptive incident occurred in 
1 989 when Bengal* fullback Stanley Wilson was found in a cocaine stupor 
in bis hotel room by an assistant coach the night before the game. 

Wilson escaped before security agents arrived at his room. He was 
suspended by the NFL and the Bengals lost, 20-16, to the 49ers on 
Montana’s last-minute touchdown pass. Wilson is now in a California jail 

But at least Wilson was one of the NFL’s own. It’s the unknown that 
worries the NFL now. 


First baseman-outfielder Gene 
: Larkin, whose lOth-inaing rizslrw 
Game 7 won the 1991 World Series 
for the Twins, agreed to a minor- 
league contract with Minnesota. 

Abbott, whose no-hitter 
Cleveland on Sept. 4 was the 
light of tbe Yankees’ season, agreed 
at $2,775,000, midway between the 
S2.9 million he asked for and the 
$2.65 million the team offered. 

McDonald, a 26-year-old right- 
hander, agreed at $2,675,000, more 
than double his SI .25 nriBioa salary 
last season and midway between 
his $2.85 million request and the 
Orioles' $25 million offer. 

Girardi. who made $670,000 last 
season, agreed to a $5 million, 
three-year contract. He gets $1 mil- 
lion in 1994, $1.75 million in 1995 
and S2.25 million in 1996. 


Super Bowl will be differ- 
ent. 

Especially for the Bills, 

Different, yes. Close, yes. 

But . . . 

Often we have heard discussions 
on the role that tbe Dallas coach, 
Jimmy Johnson, plays. He won't 
make a tackle or catch a pass, bat 
he will provide mere: A blanket 
will to win that ebbs and flows 
throughout the Cowboys and the 
w illingness to play the game to win 
and to take chances in order to win. 

His impact on this game and on 
the Cowboys is undeniable. Lode 
for all things to equal out except 
the Dallas receivers and backs m 
the flat vs. the Buffalo pass defense. 

This is where the game will swing 
in favor of Dallas. 

Johnson loves big games. This 
one is the biggest and, once again, 
inprepara tkm mid in game acyost-_ 
meats, he slimes.' This is why the' 
Cowboys are favored by 10 points. 


Autricc Premiere" , Euroeport. 
Bulg fa uu Ccnaf Ptwf, V/CF, Eurosport. 
Bulgaria: Bulgarian National TV. > 
Cyprus; Lumiere. 

Ctech R^wfaS^ShmAia: Cz«rii Tele- 
vision, Eurasport." 

Denmark: Sana? TV3*, Eurasport. 
Engkmt h Channel 4*. Eurasport. 
fMwtdr Eurasport, Channel 3. 

Francs: Canal Plus*, Eurosport. 
C em w iyi Pr emi er e ", Eurasport. 
Greece: Euroaport. 

Hungary : Euroaport 
Ireland: Channel 4* Eurasport 
hciy: TolepiO 2, Eurosport. 
Uechtenstam: Condf Plus*. 
L u xembourg: Eurosport. 

Monaco: Canal Plus'. 

Netherlands; RTL 4*, Eurasport . 
Norway: Soarnot 7V3* 

MmL* Tefewaja Potto, Eurasport. 
Portugal: SIC Eurasport. 

Romtmm: Televinunea Roman. . 
Russia: Ch. 6 (Moscow). ’ 

Slovenia/ Croatia: Eurasport. 

Spd i L Cand flue*. Eurosport. 

Sweden: Scaraat TV3*. Eurosport. 
Swit z erland: P remiere*. Eurasport. 
Turkey: Eurasport. • 

ASIA/PACIFIC 


Australia: EPN International, ABC*. 
Odnce ESPN bif). Oriental TV*. . 
Hong Kong: HGVB, ESPN Irriarmiliond. 
fc id an ' ei ri i L ESPN fntern u faiol, RCTL 
Japoi: NTV*, NHK.*, Sumitomo. 
Malaysia: ESPN International, Ra- 
dia/TV Malaysia. 


Now Zealand: ESPN int'l Sky Media. 

World 21. 


■ NFL Players live Longer 
A federal agency announced that 
its study showed the death rate for 


former professional football play- 
146 pe 


P U Bppmes: ESPN M 7, 

*ikt g rynr e BPN International, SBC 
IhoBanc fc ESP N International, TV3. 
Tbmk ESPN International, Videaiaid.; 

MIDDLE EAST/AFWCA 
break ESPN Irtemotiond, Coble tCP. > 
Kuwait ESPN Jntemationd, Kuwait TV. 
Saudi Anriricc ESPN W\ Cobb QES. 
Sooth Africa: ESPN h*l Cable MNET. 

AMERICAS 


ere was 46 percent less than the rate 
for American men of similar age 
and race in the general population, 
The New York limes reported. 

However, the study by the Na- 
tional Institute for Occupational 
Safety and Health showed that of- 
fensive and defensive linemen, 
heavier than other players, bad & 52 
percent greater risk than nonplayere 
of dying from heart disease. Ami it 
showed that heart diseasekiQed line- 
men at a rate 3.7 times higher titan 
the rate for other players. 


Arge n tina: ESPN Int'l, Telesport. 
BrazH: TV Bandarartos*. ESPN Inti 
Canada: Global fEngfoh}, RDS (French): 
Curacao: ESPN International, IDS. 
Dominican Kepotfic: ESPN Irtft Ch. 6*. 
B Sdvodor: ESPN Infl, Cand Dot. . . 
Jandca ESPN Internationd, CVM. ' 
Mexico: Tetewo*. 
ftu nmu : ESPN bjtT, Tric v ooro. 
Trin idad T obago: ESPN Inti AVM-TV. 


In the foflpiwrw countries, the gome 
hoV only be carried, live, on the ESPN 
international sateSte sports network: 

ASIA-PACIFIC 

Bangiodoth, Brunei, Burma Combo- 
da, French Wynwia, Futuna Guam, 
India, LaovMoceu, Micronasa, Mongo- 
lia, New Gdedpnia, Palau, Pakistan, Pa- 
pua New Guinea, Rota, Sri Lonfca, U.S. 
Samoa, Vietnam and ports of the former 
Soviet Union. . 

AMERICAS - 

AnguiBa, Antigua, Aruba, Bahanas, 
Barbados, Belize, Bermuda, BoSvkr, Bon- 
are. Cayman Island*. Chile, Colombia, 
Costa Rsca, Cuba, Dominica, Equaefor, 
French Guiana, Granada, Guadeloupe, 
Goatamqia, Guyana, Haiti, Honduras, 
Martinique, Montserrat’, Nevis, Nicara- 
gua, Parapjoy, Peru, Saba, St. Barts, St. 
Christopher, St Kitts, St. Lucia St. Mar- 
tin, St. Vincent, Surinam, Tortola Uru- 
guay, Venezuela Wcdfo.. 

. MIDDLE EAST/AFRICA 

Algeria Bahrain, Chad, Djibouti, 
Egypt, bun, Iraq, lordai, Lebanon, Lib- 
ya. Mauritania, Morocco, Oman Qatar, 
Sofna&a, Sudan, Syria Tamsania Tuni- 
sia United -An^ &mrc*w, Yemen and 
the braefi Oooupad Territories. 

. Tho Armed Forces Network televi- 
sion channel, based in FhmJdurf, will 
broadcast the game Sve. AFN cun be 
seen in hotels in some major cities that 
ore within the range of AFN transmis- 
sion towen- ln B etg hmv AFN television 
am be received in the Brussels area but 
odfy on NTSC multisystem televinan sets, 
in Holy, AFN is avaibbh in the Pba 
area, on. muMeyslent sets. The AFNs 
. telecasts in Britain are carried only on 
dosed dreuit 

. The Far Bret Nohsraekwfll broadcast 
the game Eve in Japan, but only on 
dosed dreuit an ILS. nvStwy bases: The 
for East In Korea Ne t work wafl brand- 
a*r tho Super Bowl JiiwaMMttMilHMi 
, at most hotels in Seoul- - -.r 

’ AFN ra& e in Europe wiB broadca st 
the game at the frequency af 967 on the 
FM band md the frequencies of 673, 
1107, 1143 and 1485 an the AM band. 
The. network no longer broadcasts on 
shortwDv* but can be received on fl»l- 
band at 1537 uwgUiei tion the interra- 
tiona! rnaritune sateflite sysfem. 

The U.S. miftary's Far East Network 
veil broadcast tbe game Sve an redo at 
the AM frequency of 810. b, loo; no 
longer broadcasts on shortwave, but can 
be recehed on fhe L-bcnd at 1537 
megahertz an the internation al maritime 
soteffife system. 


0 These networks, occordmg to information, provided by the ATI and, where 
possible, verified by the MT, are p roviding Eve coverage of the Super BowL But 
please died focal listings for accuracy. ESfW International, with kve telecasts, wrS 
provide commentary in Engksh, Mandarin and Spanish, as appropriate. Eurasport is 
not carrying the gome Eve. 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 


I RUPOC 


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1 INNOO 

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YACKEL ! 


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fWnt answer here. 


“mm Monooyi 
Jumna* BEAST KAfOr BEWARE UC£#IC 
A re> o > o r W*mf Ita w»*xis of Bm nUauldra 
ttnOTM - "WATTtnSf 


TO OUR REAPERS 

IN ALBANIA 

Hand delivery 
is now available 
Just call 1421 23 502 
'Independent Albanian 
Economic Tribune" 






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Page 19 




. . .although tyeaver 

^ TORTLWD, Oregon— Tonya p^-taclarify one 
MjoiBg s cmqtiq oal adnrisskai .4 between the statoncnl as she . ,_ , ,, , . 
wdhbdd info nn a tio n abont the " Spd *** written vtuuya was das- 

SiSSSSfSS 1 att ^ may haw. ^ .: ‘ 

Referring to the period after Jan. 


! pjon^sUlyrapio chances morr liarr^ 
. than good. . .; :_ ., ........ 

.' Ihe U.S. Figure Skating Associ- 
• atrooainiOTjncedthat a nw-mem- 
. berpandhad beea set upto inves- 
tigate Harding’s role in the attack, 
first step lead- 


in whatc 


Games unct month 
The panel Mre<i a Portland law- 
• yoi John Bennett, to gather eyi- 
wsnee and wiD meet lor, the fim 
inne on Ihesday, hoping tohavea 
recommendation for the USFSA 

of the UX 
who was named to i 


. the former chairman 


& 


T! 

C 


_ . J fee group, 

•v UR Olympic Committee's 
entire -director, Harvey W. 
SdnHer, said that hzs organization 
“isdeeply concerned with state- 
ments” made by Harding 
■ Thcdmting_assodalioii , s pand 
inyesttgatm^ Harfing is the first 
step in a process that inchides a 
heating, an. appeal to the USOC, 
binding aitmuon and nltimatdy 
the courts. V .: / 

Her name vriU he cn ^be U.S 
roster eubarittod to fte lnienia' 
rional Otymjw MoiKiay, bat idle 
couki bc removed fnm the team as 
late as FcS i. 21 . The Games sunt 


10 . the written veraon, said that 
Hardmg Gleamed femsomeper- 
sons cfcse to me were involved in 
the assault,* At the' pcdnanshe 

said, she had u lean»ed some jper- 
fons date to me msyhave Seen 
involved in fee assault” ■ ., 

■ “Go with ‘we,’” WeavwsakL 

The Oregonian newspaper died 
ttmdcmified sources Friday as sayr 
^ that Hardh^ dWd her story 
i the course of her lOtt-hour ses- 
sanwitb fee FBI on Jam lS,afur 

Harding's former husband, Jeff 
CIHhxdy, has been rfwi ga rf along 
with bodyguatd Shawn Eckardt 
and two other men wife conspiring 
to assanh Kerrigan.' Shane Mm- 
oaka Stant is accused of dubbing 


Sampras, Martin 
Gain the Final of 
Australian Open 


doesntf *taitnnlflFe& 23. . 

*. Harding continued Friday to 
train for iheGames. - ■' ... 




While her former husband was 

again dbseted with investigators 

insidcFBI headquarters, woridbog - wasn’t a~cxnn& 
on what has been widely reported 
as a pfca bargain, Harding stood 
before a throng of tdeviskm cam- 
eras Thursday at an. aritHit? dob 
and with ^lrmghimikanrl atr ^n- 
bfing voice admitted that she had 
faded “to report things I burned 
about tire assault * 7 


a metal baton. and his nnrf^ Der- 
rick Smith, is aroused of driving the 
getaway car. . . 

Gffloofy apart 17 hoars with in- 
nr fee secon d day of 

■ Ronald 

whether a plea brngain had been 
negotiated. , 

- NBC News cited unnamed ’ 
sources as saying CHUoofy would 

plead gmhy eariy. next week to a 

^^^^prowded he passes A frustrated Jim Courier accidentally whacked a ballgiri, top, wife his racket wide arguing with the tmqiire, then apologized. 

Harding, in bet- statement, - said 
her lawyers had told her dial bet 
sflehte after learning, about who 
was nsoonalde for the attack 


PfcMa> by Danin Bu y Ud A/Raam 


The Associated Press 

MELBOURNE —It will be the 
top player in tennis, Pete Sampras, 
agains t the best of the obscure, 
Todd Martin, in the Australian 
Open final 

Sampras was awesome Friday In 
ending the two-year reign of Jim 
Courier, winning by 6 * 3 , 6 - 4 , 6-4 in 
without dropping serve. 

Martin was methodical, and oc- 
casionally inspired, as be defeated 
two-time champion Stefan Edberg, 
the No. 4 seed, 3 - 6 . 7-6 ( 9 - 7 ), 7-6 ( 9 - 
7 ), 7-6 ( 7 - 4 ). to reach his first 
Grand Slam final. 

Sampras took just 2 hours, 2 
minutes to outplay Courier, ins 
friend and sometime golf partner. 
That kept the world’s No. 1 ranked 
tennis player on trade for his third 
successive Grand Slam title. He al- 
ready is the Wimbledon and U.S. 
Open champion, and wiU bid Sun- 
day to become the first man since 
Roy Emerson in 1964-65 to hold 
the Wimbledon. US. Open and 
Australian titles simultaneously. 

It will be the first all-American 
men’s final here since Johan Kriek 
beat Steve Denton in 1982 . 

So complete was Sampras's dom- 
inance of Courier that the defend- 
ing champion did not get a break 
point until the fourth game of the 
third seL He had only four fore- 
hand winners the entire match. 

That was one of the better 
matches I've played so far in my 
career," said Sampras. “Everything 


kz 

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i. 

a 1 ;.:; . 


< But die did not explain how shc 
■first teamed who vw; Jnsoived 


who she teamed was mrob^ wiry uu^aocsemeuts, thea shc could be 
^ detayed m ^contacting ^mhon- chuntered mi teodn^ice, he arid, 
^ies, what prompted : hcr&mtij to 

r mcet witit flaan ou Jaa. or what ro uy gray area rf tfee Iw, 

she tokl them: Wwflmg stud. Ton would never 

• ate unless she was 


AUsivemkyofOtegpncrinmuil 
law raofessori Wayne Westfing, 
srid mat was probaMy true inida- 
tion to a charge of hindering prosfr- 
cation, hot may not be true eh a 

dargerfcOBspiiwy. A de^eratku pointer by Stan- 

•• H fte goal of fee con^sacy to. ford's Andy Poppmk bounced off 
attack Kerrigan was te help Bar- 'the rim, and Tyus Edney made 
feqg Win nr medal at the Winter both 1 -and-l free th row s w i t h right 
OJy^rics wst monfe and cadi in 


UCLA Just Escapes Jinx of Top College Ranking 


The Associated Press . 

UCLA came way, vary dose to 
the latest No. 1 college 
team tofafl. 


“We begged down at the end a 
bit, but those thiriw t happen,” arid 
their coach, Jim Harrick- 
Stanford ( 10 - 5 , 5 - 3 ) rallied from 
a 13 -point second-half deficit to 

0)IXEGE BASKETBALL 


close to 65-62 cm two free throws 
seconds to play Thursday night to by Kevin Knight with , 1:19 left 


V- 5 . 

-r.s. 









preserve not just the vmtmg Bru- 
ms’ Na 1 raridiK, hut festr states 
as Dhiiskm Ts pnfy unbeaten team. 

The Bruins ( 14 - 0 , 7-0 P!ao-I 0 ) 
ph^ed down ihe drae call, but 

their point total and 34 rebounds 

(AF. NYT) were season tows. 


tic when Edncv missed the first <rf a 
1 -and-l and Gross grabbed the re- 
bound. Poppink's 3 -point shot 
minrori, and the Gawtinal were 
forced to fool, sending Edney to 
the line with right seconds left and 
UCLA up by 67 - 65 . 

This time, Edney didn't miss. 

Pam St 7L No. 7 Punhw 68: 


Gecsge Sdfik’s tip-in of a shot The Nittany Lions ( 9 - 6 , 2-4 ffig 

. «j /w» sm * - Ten), winning its second home 

against a ranked team after 
12 in a row to those teams, 
held Purdue ( 16 - 2 , 4 - 2 ) scoreless 
for the game's final 3 : 35 . The Boil- 
ermakers missed their first seven 


by Ed CTBannon gave UCLA a 
tittle breathing room, bat Edney 
foaled Dios Cross on a 3 -paint 
attempt and Cross made all three 
free throws with 22 seconds left 
Stanford had a chance to win or 


and last six shots of Che game; victory against the Hokies ( 15 - 3 . 2 - 
Glenn Robinson got 27 paints for 2 ). 

shots in the No. 13 Arizona 98 , Oregon 86 : 
Daman Stoudamire broke out of a 
two-game scoring slump with 27 
points and Khalid Reeves added 23 
as the Wildcats ( 15 - 3 , 4-2 Pac-IO), 
at home, beat the Ducks ( 6 - 9 , 2 - 4 ) 
for the ninth straight year. 

No. 25 New Mexico St 60 , San 
Jose Sl 59 : Keith Johnson, a 48 
percent free throw shooter, made 
two foul shots wife 10 seconds left 
as the via ting Aggies ( 15 - 1 , 7-0 ffig 
West) won their 12 th straight The 
Spartans are 8 - 8 , 4 - 4 . 


Purdue, but missed two shots in the 
final 32 seconds. 

Onrinrerti 76 , No. 8 Massachu- 
setts 74 : LaZrile Durden got 16 of 
bis 21 points in the final six min- 
utes as the Bearcats ( 13 - 5 ) won ax 
home after blowing a 22 -point lead. 
Lou Roe of fee Mmutemen ( 15 - 3 ) 
served 20 of his 24 prints in fee 
second half. 

No w 12 LorisriBe 74 , Vbraaia 
Tech 63 : DeJuan Wheat had 20 
prints as fee visiting Cardinals ( 1 5 - 
2 , 5-1 Metro Conference) cruised to 


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TRANSACTIONS 


'- BASEBALL 

BALTIMORE— Aorood to tarms with Boo 
McDonald, anchor, an l-yaar contract ■ 

BOSnWMtonMd Dan Dwiwtta eanarai 
manapor aad ilaaad Jrim to »yaar eaatracL 

KANSAS CITY— Aaraod ta torra wttti 
Stov* AattanL-ftW bammm an minor- 
IggguB eo fJ rod. • 

' MINNESOTA— Asracd to terns wttti Cano 
Un-tan. first bq—nyp mu t Bol der. on minor 
laaauw cootrodL lavttad Damian Minor, 
. cntc»v«r,io xortag Imlnina ainon-nntor plov- 
er. 

N.Y. YANKEES— Asraad to taran with Jim 
AWjott and Martm RJvtra pHchon; Run 
Davli and Andy Fax. hfldan; and Jay 
Loach and Jam tlo b artaun .a u UlataarAon 1 - 

SEATTLE— Invttad Mtdcoto Suautd. Trawt* 
Bucfday, Tim Davts, Danfc Lowa, Tony ptid. 
tow and Raa VUlow, anchart; aim Wtdgar, 
-artdtor: Tammy Khm Lud sofa and Data 
sawn, tafUdan, and Katth MltdiolL out- 
ItaWar, fa aortas tndnFna. 

TOWOWT O Agre ed to 1 -vaa r oontrad* 
wm 7 >iwJM«fVnrt Im Donets and Aaron 
SmntL Mtchars, and Howard Battle, ttdnt 


POOTBALL 


ATLANTA— Nwnad Jaa Hooting iMbacfc- 
«n coach. 

GREEN BAY— Ray Rhodes, dofeastw co- 
antfimtor, inrijnw»T 

HOUSTON— Fired Mika Hakwak. wnerai 
maDoorr. and named Mn vkxi president tor 
mover personnel ondecDoiino. Nomad Fiord 


LA. RAIDERS — Howie Lane, dtferatva 
and. radrocL 

MINNESOTA Ho med Katth Rower offen- 
sive Rne aoatfb and Cary zamr apactal 


N.Y. JET S ■ Nomad Rav Shermwi ofton- 
■Ive coordinator, and Rlchanl Mam recatv- 


PITTSBURGH— Nomad Chan Gaiter wMe 


TAMPA BA Y-Nonwd MBw DuBan datan- 
Ivt line coach. 

HOCKEY 

HattaMd Hockey Lnm 
ANAHEIM— S toned Dean Ewan, left wine, 
to Wear conti oct. Anianed Eweni Jorrod 
SkaMa, center; and Rohm Bowa rtaM wtno, 
to San (Meed. IHL 

BOSTON— Astaned John Blue, goolle, to 
Providence, AHU 

BUFFALO— Red tad Jason Dawe. Ml 
wlna, from Ro chestw. ahl. 

HARTFORD— Red ted Kevin Smyth. Ml 
whig, from SprtngflsM ahl. Traded Scott 
Morrow, loft wing, ta Calgary far Todd Ha» 
Um, center. Traded Mat* Grata, left wine, 
and a sMtwoimj pick In Hie 199 S draft to 
Toronto for Ted Crowley, dHonsa m an. 

NEW j ERSEY— Aaetoned Jfm Dowd, center, 
and BenHank lm nn. rtaM wtag,taAEanv,AHL. 

H.Y. ISLANDERS— Recoiled Dan Ptorie. 
rtlit wtne. and jamla McLennan, goalie, 
from Soft Lake air, IHU 
SAN JOSE— Traded Dave Mokrv. (erwortL 
la H.Y. 1 Wanders far future considerations. 

ST. LOU IS— Read lad Jvtf Batten, defense- 
man from Peoria IHL 
TAMPA BAY— Aaraed to forme Witt! Aaron 
Govey, center, on 4 ^em’ cootruct 
WASHI MG TON— Waived BrtanCorran.de. 


Worid League to Return in ^5 

ATLANTA (Realm) — The Worid League of American 
football will be started op again in Europe in fee spring of 
1995 wife “ai least a four-year connmtment," NFL Com- 
nrissiooer Paul Tagliaboe said Friday. 

baste plan is to start wife ax teams, one in London, 
one in Barcelona and one in Frankfurt and then to have 
three other teams, maybe two teams in some of those 
countries and maybe expand to additional countries,” be 
said. 

Storm Halts Women’s Ski Race 

GARM 3 SCH-PARTENORCHEN, Germany (AF) — 
The storm that roared through Germany eariy Fnday forced 
organizers to call off a women’s Worid Cup downmfl. 

They said fee downhfll wiB be run Sunday, instead of a 
super gjant slalom, wife the super-G to be run later in the 
season at a venue still to be determined. Another downhill 
remained scheduled for Saturday in fee Bavarian resort. 

Els Ups Dubai Golf Lead to 6 

DUBAI, United Arab Emirates (AF) — South Africa’s 
Ernie JBs shot 3 -under-par 69 on Friday to open a six-stroke 
lead after two rounds of the Dubai Desert Classic with a 
two-round total of 130 . 

Tied for second were Sam Torrance of Scotland and 
England’s Gary Evans and Paul Broadhurst, all with 67 . 
Fred Couples missed the cut by two strokes after a 76 . 

• Dan Fotsman, Gary McCord and Mark Lye shot 6 - 
under-par 65 s to lead the Phoenix ———— —— — — 

Open after a weather-delayed first 
round. 


Barkley Tops Vote 
For All-Star Game 

The Associated Press 

NEW YORK — Forget the Shaq and Ha- 
keem and Patrick. The fans want Sir Charles. 

Charles Barkley, the Phoenix Sons' forward, 
was the top vote-getter in the final count of fan 
balloting for fee National Basketball Assoda- 
tion’s AO-Siar Game on Feb. 1 3 in Minneapolis. 

He received 794,936 votes for the Western 
Conference team, far outdistancing bis nearest 
competitor, center ShaquSle O’Neal of fee Or- 
lando Magic, who received 603,346 votes for 
the East squad. 

Barkley will be joined on the Western Con- 
ference front tine by Shawn Kemp of Seattle, 
who had 481,880 votes. The other West starters 
wil) be center Hakeem Ohyuwon of Houston 
( 478 , 018 ) and guards Clyde Drexler of Portland 
( 493 . 204 ) and Mitch Richmond of Sacramento 
( 469 . 978 ). 

The Eastern Conference starters will be O’N- 
eal, forwards Scottie Pippen of Chicago 
( 496 , 505 ) and Derrick Coleman of New Jersey 
( 482 ^ 261 ), and guards B J. Armstrong of Chica- 
go ( 529 , 065 ) and Kenny Anderson of New 
Jersey ( 493 , 690 ). 

The head coaches will select seven players other 
on each squad. The head coaches wiQ be from 
those teams wife the best records on Jan. 30 . 


really clicked today. I really 
couldn’t play any better." 

Sampras now has won nine of his 
II meetings with Courier and wiU 
be a big favorite against Martin, 
another dose friend and golf part- 
ner whom be has beaten the only 
two times they have played. 

“Some people are surprised 
Todd has made the final — I'm 
not,” Sampras said. “He’s playing 
some of the best tennis of his career 
and is fee most unproved player 
I’ve seen in a long time." 

Courier was impressed with 
Sampras. 

“He was pretty tough," he said 
“He didn’t make any mistakes real- 
ly." 

Courier changed his baseline tac- 
tics in the third set and began to 
charge fee net, but it made tittle 
difference. 

Courier’s frustration led to a 
confrontation wife umpire Bruno 
Rubeuh after he was warned for 
wasting time, then be accidentally 
struck a ballgiri wife his racket as 
he argued his case. 

Courier apologized to fee teen- 
ager, who was unhurt, but later was 
fined SI ,000 for unsportsmanlike 
conduct. 

Martin capitalized on 
below-par serve to beat the 1 
and 1987 champion, who had been 
runner-up three of fee previous 
four years. 

The No. 9 seed sent service re- 
turns rocketing past Edberg on 
both fee forehand and backhand 
sides and frequently was able to 
pass Edberg when the Swede 
charged the neL 

“He read my serve," conceded 
Ed bog. 

The victory took Martin 3 hours, 
50 minutes. 

“Fve believed Z could do this for 
a long time," he said, haying won 
only one title as a professional 
Martin kept his nerve after 
squandering first a service break in 
fee fourth set and then four match 
points in fee final tiebreaker. He 
dinched victory with an ace. 

Martin served consistently well 
throughout fee match, with 13 aces 
and only one double-fault. He hit 
93 winners to Edberg’s 74 . 

’Tie put up a very good perfor- 
mance," Edberg said. “He played 
three very solid sets and main- 
tained a very high standard of play. 

1 played a good match, but it wasn’t 
enough to win." 

Martin missed several passing 
shots by inches in fee first set, when 
Edberg used lobs to strand the 
American at fee neL 
Bnt those passing shots starting 
going in during the next three sets 
as Martin rifled shots down both 
lines. 

Even during the biggest victory 
of his young career, Martin main- 
tained his mild-mannered demean- 
or. He apologized after almost hit- 
ling a ballbov wife a shot, and 
lifted his finger to his mouth to 
silence a spectator who yelled after 
an Edberg double-fault 
Martin, a 23 -year-old former col- 
lege star from Lansing, Michigan, 
has risen from 73 d to 12 th in the 
world rankings over the last 12 
months. 

MEN-S SINGLES SEMIFINALS 
Todd Martin ( 9 ). US- dot Stefan Edbanj 
C 4 J. Sweden, 7-6 <W 71 , 7-6 ( 9 - 71 , 7-4 ( 7 - 41 ; 
Pda Samaras ( 1 ). US, dot Jim Courier U), 

WOMEN'S DOUBLES SEMIFINALS 
Potty FencDck and AtoreWff! McGrafft ( 71 , 
UJL tart. Jana Novotna, Czadi Republic, end 
Aiwifxa Sancfier-VIcorto CO. Spain. AS 7 - 5 ; 
dgl Fernandez. US. and Natalia Zvereva. 
Belarus (l), dot. Pam Sttrlwr. UA and U* 
Smylte, Australia 131 . 6-3 6-3 

MIXED DOUBLES SEMIFINALS 
Andrei Olhavskiv. Russia and Larisa Hol- 
land ( 6 ), Latvia Oat. Pom Haartwis, Natter- 
lands. and Natalia Medvedeva ( 7 ), Ukraine, 6 - 
1 . V 0 retired. 


ATLANTA— Agreed to terms wfftr Ran 
Goal,, outfielder, on Wear contract. . 
■CINCINNATI Ao roed to terras wrftt Stew* 
Foator.Jerir Spradlin, KgvMJarvte gad Jaf| 
Ptara*jVtdMnrfmd Bntt Some, tofloMar.an 
■"vy«ar ceobnm. • 

. COLORADO— Agreed to tom with Jog 
«lrandk«B|diMMn>rwr contract and Scott 
Fndrtekgm, gftdnr. an Vygar contract 
CHIC AG O Ag re ed la tenet with Sammy 
SCRdrniitteldteOTtataranfrtt&andcm 
Ofta-ANawTrim mianMeoBue contract. 

CJNCINNAn-toraM to toms wttti Rob 
Dtabig, John Roaor, Salt • Strata* Hector 
Carrasco and nam Pawed. Bffdwm: Jamie 
DtmjfeRflnd Brian KoaHtaa* biflektarai end 


ihtorCqmmScorm 


t; 

I.' ' ' r ' '• '. SAST 

fVO ;; VOoiflM™ teVtoMdl* »'■ i . 

)'.> : ^-..-'AteMMH,LBitold.M&'« 7 '' 

f ?■* ifltoftote n. orated * t 

::: 

• ■ -i. to w ma idfa . HJt ft M-^Prands, MY Mr • v 
f -.’.; 4 T UBo«Y 5 *. MWTfcMd. to.SI. Frflwta. Pd. 7 P 
. Ngw t ta piPtatra .^~ *tartt w as tern 42 . OT . 

-Z t Piter*. 7 Vltorttoa. 4 i 

Uter 73 . Robairt Manta «* 
te , «r . 

y- VteWitaATW W hwnittt '■• 

' T • . tmm st 104 wwnroRir 

iff iteperltUranleHl tL» 

\V~\ -BOWTH ' • 

’r-'i: OntobtN m-Ltoorta * ' / •; * u ; 

r ..rt^JtoiridhWtSKiWWY*® ^ 

- . - m dnrmtaB- 74 . ^teperatetoaal 39 

- T Xgppln«.AW«nito»tc 7 . > 

jJNHMM u. aftedHE. Shora-Tted. wetftor. 
i t j utalBi 74 . Ytndrta TecfrO •. 
..^iANteanateStetaonH 


. First Period: P£tn*a » (Stevens).- P- 
-NcmundSWiiikH. Fnmctet.SoqHtf ParM: 
P^teveas 2 t(Frc«i dAM eSartrr)(pp).'ngni 
Period; NOHL sttett n ta«cO<o» wrtsBat) 
,| 499 -». F ton Ftaetl IVtMMfc 

wnitomtew • r.1 ■># 

BMtole . i • 4 ;i—j 

- TwteFerie di W-tavwMiaguaey) my. 
B-PtortaUIMosamv, icnywfl«KSgcanflPe- 
Itad ; 1 toainaWBt l#.{S«bodW ttwntoel- 
ippLr B-HcmerOwk TD tAuriattoH B-KhWtor 
lev « (Soften, Ptonte) (ml) taMdy.il tAu- 
■dHte HenBW todt) IttaLTterd Period: taRuy 
2 Utanaaa BontoteO; wMOKtaHditS (Cota, 

' tofrtrte); ta d waao mr J tPewaWDatfLStadK 
MigaafcwianHiaaMMOl 3 Q.B(t 3 nT<taor- 
aadl MH 94 L- 

M U N o ra T . .» 0—1 

ONawa '•' - - - 9 .- d •#- 9 - 7 . 

Bnt Ported: (Kevin f (DtoAinw). 
taiUrH- Pofrtct J (Nvtonter> tnq. SaCMd 
. period! Naoixtdrd Period: MoaaOwmsids 
Maw ItoWttegBelLHJaRNMIngtewyi**^' 
V-W. O ton R**»).W«- 4 «- ■ T - ... 

.-ogoraff— ^ 2 i .»-4 

r i prT P» - Til M 

pfegf nrtad: e-Riwtfci 3 IK. svtter. Gra- 
JmmMacaad Period: D-Looofn »3 CAtvtnnfl. 


•PAW' 

rFlOR TOA Aerosdte terms w«tiJtmcnr»L 
pBdwr, m ndtarteom catorari end Inritod 

Wn to sartad ntaegi os noo-mter Nsnr. 
. HOUSTON-Aarted to terns with SW 
1 S' -ta-iT arsonv flrtf bmunon. on Vvoor contract 


MONTREAL— Trutod Joe Noma. Pficher. 

. tattte/Miviesota'nmnsterDarafcl awimiWlrW 
•r. Awtetod Lm ta Ottawa. «_ Signed John 
TBafa. ftntf boumoa ted M ic h ael Mbnbt, 
PttCtnr, to ca n tata wttti HuTWwfw el. 

- PUTSWlRCiil Aarred to term with 
Steho Sutto catcher , on wear contract' 
Aprsadtamlnor-teaBuecorttact wttti Cwrren 
Itenit ourmntr 

, PHILADELPHIA— Agreed to term wttti 
. Rfcky Jontaa first btnenwB, on T-WW eon- 
tract 

. SAN DlEOO— Aareed to terms wttti Andy 
Sow and Andres Berwnaa pHctwrai end 
RandY QplMvfQaWdr,on Lteorcaoiracto. 
jnwtted ; Rodrigo lopos. pfietwr, to mow- 
.teogge wW tt K lk 

BASKETBALL 

. : WM (nMM AsoMMfteei 

. DALLAS— Mt SaanTteeks.csntar.Mi Mu- 

rv-ttOL 

INDIANA— Acrtwdod. Vent .Flsmtao, 
pudnL tram Wind Jtat-Put Roah Rtdiertt- 
m guard; an btturad net: 

. .UTAH— Put LMher Wright esmer, on to- 
find D*L“ 

WASHI Norow -Steoad oaraM paddta 

taucmL ta today aontroct 1 


WINNIPEG— Recaflad Andy BrteMav.far- 
wortLfrarnMoactoivAHLSsnt Bryan Erick- 
■an and Jan Kamlnky,taiwardvlo Moncton 
an couStfamiiifl asstanraants. 

COLLEDB 

NCAA R a itarad sltotagny of Ricardo 
Perot, Water Forest Mnai tenant. 

ARMY — Jim Hawfctab woman's tennis 
coach rastansOL Ntenad Tsdtf Avska wamsnh 

lunula 

CORNELL— Extends* ths oentract 0 / Jim 
llal b sr , football coach. 

DRAKE— Named Mar* Rffav manta Manta 
rjooCh. 

FLORIDA /UUH-teonwd Jtoirny Joe malt- 
terrtcHrtettc A redor and receivers c u octi and 
entton Man Rndiodtere coach. 

INDIANAPOLIS— Named Jaa Pal tat teot- 

bglf 

KENT STATE— Named OwUi ItoWcatdlto' 
toaslve co u rdln ut or and flneOackers coach. 

. mu hlenbCRO— N omad Gna Oleiadt 

foofOatt coach. 

NAVY — Named Doug WlHtaiM anialani 
taetbaU coach. 

NEW PALT 2 ST.— Nomad Robert Siracusa 
mental fon ts coach. 

NORTHEAST LOUISIANA— Nomad Ed 
Zauabractier football coaCth 

PENNSYLVANI A -N am ed 600 TOS O'Ham 
manta ma r coach, efteertve Fata. L 

PLYMOUTH STATE— tunad CWiaten 
Cd n s r nuftmcks m andi 

ROCAHURST— Frank Dtakin. men's baa- 
lurttaU coach, reotonad to caneentrata an tta- 
has as nth latte director. 

SAMFORD— Ohoi Sonar. teattMdl coach. 


For the Record 

Ahrin Prost, the retired Formula 
One champion may cod his retire- 
ment to join fee McLaren team, its 
managing director. Rem Dennis, 

m 


Venables , at Last , Gets England Job 


Taiy Msw was fired as coach 
of fee NHL Washington Capitals 
sad replaced by Jim SchoenfekL 
fee ESPN analyst who is a former 
coach of fee Buffalo Sabres and 
New Jersey Devils. (WP) 

Eari Strom, 66 , fee retired NBA 
referee, was discharged from a sub- 
urban Philadelphia hospital after 
undergoing surgery to remove a 
malignant Drain tumor. (AP) 
Howie Lota, the defensive cod 
who was last or fee Oakland Raiders, 
retired from fee NFL after 13 years, 
saying “it's time to grow up." (AP) 


The Associated Press 

WEMBLEY. England — Terry Venables was ap- 
pointed Friday as coach of England's soccer team. 

The 5 1 -year-old former Tottenham and Barcelona 
manager signed a 2 K-year contract that will take him 
through the 1996 European Championships. He re- 
places Graham Taylor, who quit in November after 
England’s failure to reach the World Cup finals. 

“It’s about time we tried to pm some fun bade into 
the game and eigpy ouraelwes,” Venables said “We 
wQl do that by winning games. The target is the 
European Championships. We must be fully prepared 
to get fee best possible chance to nin iV 

I know fee score,” he added. “It’s a pressurized 
job." 

His was delayed for weeks because of allegations 
that Ik was involved in transfer and other soccer 
transactions that breached Football Association rules. 

“We are satisfied wife fee assurances we have re- 
ceived from Terry Venables," said the FA chairman. 
Sir Bert Millichip. 


MHtichip declined to discuss details of the contract, 
but reports said it includes safeguards to protect tire 
FA against any further damaging revelations. 

Venables’ title win be coach, not manager. 

■"The committee decided early on that they wanted 
to appoint a coach as part of the overall structure.” 
said fee FA's chief executive, Graham Kelly. ‘'Detib- 
erations on that structure are still continuing.” 

He said Venables “will have responsibility for all 
playing matters relating to fee full England team. He 
win also be involved in fee appointment of technical 
staff, both full and part-time. 

* Former Liverpool striker John Tosback was 
named part-time manager of fee Welsh national soc- 
cer team on Friday. He will continue to manage at 
Rea] Sociedad in Spain while replacing Teny Yorafe, 
whose contract was not renewed after Wales failed to 
qualify for the Worid Cup. 

• Graeme Souness resigned as manager of fee Eng- 
lish Premier League dub Liverpool, ending almost 
three disappointing years in charge. 


SOUTH ALABAMA— AimoaBCSd addmm 
of munonta Near MPtaninp H 94 . 

STATEN ISLAND N cmoil James Canton 
soccer modi. ' 

TEXAS ASM— Mamed Tommy Tubarvnte 
Monolvt eeettSS n at o r ant Steve E/ u m l near 
aHenstv* cDordBnelar. 


SOCCER 


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• THIRD CRICKET TEST 
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INTERNATIONAL CLASSIFIED 


(Continued From Page 13) 


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«*-«■ 




DAYE BARRY 


Mr, Language Person 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY « JANUARY 29-30, 1994 _ 

Exploring Egyptomania at the Louvre 


M IAMI —It’s time once again 
for “Ask Mister language 
Person," the award-winning col- 
umn by the world’s foremost lead- 
ing word expert, who was recently 
chosen official grammarian of the 
U.S. Olympic ski team (motto: 
“Hopefully. Nobody Will Break 
Their Leg”). 

Our first grammar question 
comes from reader Martha Booth, 
who writes: “1 heard on NPR that 
President Gin ion and Pope John 
Paul II met and exchanged a few 
words. Do you happen to know 
which ones they exchanged? And 
can you please tell me what is some- 
times seen hanging off the bottom of 
the “c” in the word “facade”? 

A. Scientists believe it is a para- 
site. As regards the word exchange: 
Clinton gave the pope a handsome 
matched set of “parameters,” and 
in return received the traditional 
papal “Quod Sic Et Cetera Pluri- 
bus Per Annum" 

Q. What does that mean? 

A. “There is a bologna in my 
carburetor.'' 

Q. What is the correct wonBng to 
use when responding to a formal 
invitation to due at Buddngjham 
Palace with Queen Elizabeth? 

A. The correct wording is: “Your 
Majesty is darned tooting that 
yours truly shall be honoured to 
put on the feed bag with Your Roy- 
al Highness." 

Q. Please describe die photo- 

r phon the front page of die Oct 
1993, issue of die Monona Bill- 
board (“Official Newspaper of 
Ckytoo Comity & Monona, Far- 
raersburg & La ana, Iowa”). 

A. Certainly. It shows two senior 
citizens using a knife to slice a large 
cheese at the annual GenmnfesL 
Just below this photograph, in large 
letters, it says . . . 

Q. No, you’re not going to teB 
me . . . 

A. Yes. It says: “CLTT1NG 
THE CHEESE.’ ' 

Q. Please review the base pro- 
pose of the apostrophe. 

A. The apostrophe is used pri- 
marily as a punctuation mark in 
certain Lesley Gore songs, such as 
“Judy’s Tuni to Cry," where the 
apostrophe and the “s” indicate 
that “Judy" is possessive, which is 
why she tried to steal Lesley Gore's 
boyfriend. “Johnny,” away. 


Q. What is the best veise in that 


A. The one wherein Lesley saw 
Judy and Johnny kissing at a party, 
so. to make Johnny jealous, she 
kissed another guy, and then: 
Johnny jumped up and he kit him 
'Cause he stiU loved me. that’s wAk 

Q. Speaking of song lyrics: in 
“Wooty Bofly,” by Sam the Sham 
and the Pharaohs, Sam the Sham 
sings: “Let’s not be L-7 sk come on 
and learn this dance.” My question 
— which has been nagging me for 
YEARS — is this*. Is “Sam the 
Sham” bis real name? 

A. No. His real name is “Howard 
A. Sputdman Jr. the Sham.” 

Q. What is the propose of the 
hyphen? 

A. The hyphen is used to connect 
congestive nouns to their precipi- 
tate adjutants, as we see in this 
example: “Thai Zsa-Zsa is a wie- 
ner-head!” 

Q. Please quote a sentence from 
an Aug. 12, 1993, Dayton Daily 
News report, sew to by Lou Copite, 
concerning the rescue of a man who 
nearly drowned while attempting to 
swim across a river. 

A. “Police said (the man) told 
them he had been playing a game 
that involved banging his head 
against a wall when he decided to 
swim across the river.” 

Q. What game is that? 

A. Probably golf. 

Q. According to Dale Stephens, 
what does the sign on the main road 
into Bofrar, West Virginia, say? 

A. It says: 

WELCOME TO BOLIVAR 
PLEASE COME BACK 

Q. Did Stephens also relate an 
anecdote concerning his friend 
John Pharis? 

A. Yes: One time Pharis saw his 
3-year-old daughter picking her 
nose and then sticking her finger 
into her mouth. He told her. “You 
know. I don't think I'd want to put 
anything in my mouth that came 
out of my nose." And she said: 
“You should try iL It's good.” 

TODAY'S WRITING TIP: In 
writing an advertising slogan, al- 
ways go with your strongest “sell- 
ing point.” 

WRONG: “Tastes like goat 
drooL” 

RIGHT: “Proud to be your 
Bud.” 

Kmgki-Ridder Newspapers 


tr.uenatw*bii Herald Tribune 

P ARIS — There is nothing rare about fashion being 
inspired by historical events — think of the hairstyles 
a la girafe tospired by the arrival of the first giraffe in the 
Jardin des Plantes in 1827 — and so it is easy to assume y 
that the vogue for Egyptian styles followed Napoteon's * 
Egyptian campaign. 

Not at all says Jean-Marcel Humbert, one of the 
curators of the new “Egyptomania” show at the Louvre. 
Historical events and archaeological discoveries may spur £ 

MARY BLUME ~ 

Egyptomania, but the fascination itself is the most endur- ) 
tog phenomenon of its kind to Western civilization. [ 
Neither the Orient nor ancient Greece nor Rome have 
carried such a message, says Humbert, who has studied 
Egyptomania for 25 years. More than a fad, it is reinter- 
preted according to the needs of each period: In France 
alone, to the space of a few years its symbols were used by 
the monarchy, the Revolution and the Empire. From 
Freemasons to postmodern architects, everyone finds a 
hidden meaning and use for the Egyptian style. 

One reason for its enduring charm is that so little is 
known about ancient Egypt. Its symbols may be adopted 
but its mystery remains intact It does not offer the rigorous . 
literary, philosophical and aesthetic canons of ancient j 
Greece. People have simply used it as they wished, Humbert 
says. 

The first were the Romans, who controlled the Nile < 
Valley from the first century B. C. Hadrian went to Egypt 
twice, in A. D. 117 and 129, and during the second trip his i 
favorite, Anttoous. drowned himself. Ha d ri a n instituted a 
cult to his memory, drawing on the Egyptian belief that the t 
drowned become gods, and statues were made of the youth i 
to Egyptian headdress. A belief in a vague hereafter brought D 
solace to the bere-and-now Romans. s 

Artworks and materials were brought in Erom Egypt, and f 
scribes to carve hieroglyphics honoring Roman notables. e 
Today, Rome has not only the pyramid of Caius Cestius but a 
13 intact obelisks, more than Kamak. By the thru* that 
Piranes was designing fireplaces to 1769, many had Egyp- j, 
tian motifs. His English caffc to the Piazza di Spagna had an a 

Egyptian room. u 

Artists from Bernini to Otto Dix have used Egyptian fi 
themes, sometimes employing them to embellish biblical 
scenes. Poussin painted a sphinx with Moses in the builnish- y 

es and Hogarth, later taking on the same subject, added {- 
hieroglyphics and a stuffed crocodile. Rowlandson satirized * 
Egyptomania, Modigliani reflected iL Among the other j( 
painters mentioned in tbe exhibition catalogue are Turner, c 
Gauguin, Mucha, Kupka. Matisse. Picasso, Max Ernst and £ 
Vlaminck, who used Egyptian motifs on his rarely seen « 
furniture designs. a 

To emphasize the pervasiveness of Egyptomania, * 

the Louvre has side events on music and fflm (literature h 
unfortunately is not to its purview). Hie exhibition, which . ti 
continues to April 18 and then goes on to Ottawa and' st 
Vienna, will be flanked by films on opera, with one whole 0 
day devoted to “Aida.” and by such features films as tbe 
Taylor- Burton “Cleopatra.” “Land of the Pharaohs” with o 

Joan Collins and script by W illiam Faulkner, “The Mum- tl 

my” with Boris Karloff in the tide role, and an extremely u 

rare print of Ernst Lubiisch's “Das Weib des Pharao,” shot tl 



Chimney with Egyptian motifs designed by Piranesi in 1769. 


to 1921, the year before the excavation of King Tin's tomb. 

From Wedgwood's Canopic jar cm a blanc mange mold 
to the lotus flowers on New York’s Chrysler building, 
Egypt offered decorative tools. Canova designed a pyra- 
mid-shaped tomb for Titian (funds were lacking to Venice 
so he sold the design to Austria for the tomb of Marie 
Antoinette’s sister); the United States had an exotic danc- 
er called Little Egypt and Gramnan’s Egyptian theater 
and stfll has a pyramid on its greenbacks. 

Just a glance at the lenders to the current show gives an 
idea of the pervasiveness of Egyptomania. There are 
objects from Moscow. Prague andthe Powerhouse Muse- 
um in Sydney, from the collection of Elizabeth H, and 
from the former collections of Balenciaga and Elton John. 

The exhibition centers on the period from 1730 to 1930, 
the latter date simply because they had to end somewhere, 
Humbert says, the former because of the Grand Tour 
which brought so many artists and amateurs to Rome and 
its extensive Egyptian artifacts. Decorative elements be- 
came fashionable in France (the pyramid ke cellar at the 
Desert de Retz, smiling, knowing and very Parisian female 
sphinxes ) and in England where they were used by Hawks- 
moor, Vanbrugh and William Kent Thomas Hope built 
an Egyptian room in London from 1799 to 1804, which 
included a clock inspired by Piranesi's fireplace with, in 
tbe center, Iris with the clock face embedded in her 
stomach. Thomas Jefferson owned a model of the pyramid 
of Cheops. 

During the French Revolution, Egypt took on useful 
connotations of purity and durability. Under Napolton, 
the artist, scholar and courtier Dominique- Vivant Denon 
used Egyptian motifs to propagandize Napd ton's less 
than triumphant Egyptian campaign and to give his rule 


pharaonic lineage. Josephine, with her keen eye for fash* 
.km, appreciated Egypt to terms of style. 

- In the bustling and businesslike mid- 19th century, 
Egypt easily became a symbol for learning and perma- 
nence untrammeled by western culture or Christian be- 
lief. When a scary suspension bridge was built to Sl 
P etersburg, Egyptian motifs wore used to give a soothing 
sense of solidity. Architects were inspired by Egypt in 
building universities, cemeteries, insurance companies, 
new-fangled apartment buildings, the elephant house at 
Antwerp zoo and the Tombs prison in New York. In Paris, 
the Place Danphine facade of tbe Palais de Justice owes 
much to the Temple of Dendara and the fountain at 
ChAleks features robustly spitting sphinxes. 

As Egypt itself became better known and more docu- 
mented, more decorative (dements were added. An 1880 
pine icebox, now to the Victoria and Albert Museum in 
London, was decorated with hieroglyphics, cartouches and 
funerary scenes. Tiffany and Galfe succumbed; kitsch 
bronze statues were displayed to bourgeois parlors. 

Howard Carter's discovery of the tomb of Tutankha- 
men in 1922 gave Egyptomania new breath. Cartier made 
jewelry, handbags and vanity cases; in France between 
1924 and 1926 three passenger liners were built with 
Egyptian decors. 

Even today the spell lasts, Humbert says. The Louvre’s 
Egyptian collection is especially attractive to schooldifl- 
dren, a TV ad for Hollywood Chewing Gum used an 
Egyptian motif. 

Paris is an ideal place to study Egyptomania, with such 
street names as Pynunides and Champoffion and its Con- 
corde obelisk. And of course the Louvre itself has not only 
its Denon Wing but its glistening glass pyramid by 1 . M. 
PeL 


PEOPLE 

David Leavitt Yields 

To Spender’s Latcsidt 

In the face of negative publicity 
and a lawsuit pursued to Britain by 
the poet Stephen Spender, Viking 
has tentatively agreed to alter pas- 
sages of Darid Lesnitfs recent nov- 
el, “While England Steeps.” people 
involved in negotiations say. 
Spender contends that the novel, 
the story of a love affair between 
two men. is firtte more than a 
thinly disguised, and salacious, re- 
telling of parts of “World Within 
World,” his 1951 memoir. More 
than 30,000 copies have been print- 
ed in the United States, but in Brit- 
ain the novel was recalled when 
Spender sued in October. 

D 

Semyon Bychkov, the music di- 
rector and conductor of the Or- 
chestra de Paris, has resigned as 
principal conductor of the St 
mashing Philharmonic Orchestra. 
“I am very sad to withdraw hpmniy 
collaboration with tins great institu- 
tion, but I cannot associate myself 
with the artntiary and undignified 
methods used to gpytra the orches- 
tra,” he said. 


Tbe U.S. Navy said thanks to 
Bob Hope for ap his years of enter- 
taining troops around the world by 
naming a mss of new ships after 
him. The USNS Bob Hope will be 
the first of six noocombai, sealift 
vessels used to handle cargo for the 
Department of Defense. 

□ 

The animal rights crusader Bri- 
gitte Bardot said she has been the 
target of scores of threatening 
phone calls since a TV appearance 
in which she urged people to stop 
eating horse meat But that isn i 
.stopping her. On Friday, Bardot 
called on the government in an 


iififl i < 

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EvraamAiioNAL 

CLASSIFIED 

Appears on Pages 7 & 13 


WEATHER 


POSTCARD 


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Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


3>, 

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North America 

A storm from the Gull ot 
Mexico will spread a man Be 
Ot (navy snow trom Cincm- 
noli. Ohio, to Albany. Nan 
Yorti. Sunday into Monday 
Ram mil (all along Ihe 
Atlantic coast white a nurture 
et rein and snow b expected 
Irorn Philadelphia lo New 
Yod( City- 


Middle East 


Europe 

Northwestern Europe «# gal 
a break horn the sforminesa 
ot recent days Sunday mio 
Monday However, gusty 
winds and rain may return by 
Tuesday. Heavy rains will 
soak southern Turkey while 
snow falls over ihe moun- 
tains ol western Turkey. 
Snow also blanket Oslo 
and Stockholm on occasion. 


Today Tomorrow 

H*dh low W High Low W 

CIF OF OF OF 

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OF OF OF OF 

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Caracas Z 8*2 23,73 pc Jp /02 73/73 PC 

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28/84 22/71 
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Cold wealher over Japan 
this weekend wW gradually 
moderaie early next week- A 
new cold air mass wiB move 
info central Chirm, reaching 
Bailing Tua&day. Locally 
heavy mirn aie passible in 
central China Sunday Into 
Monday Manila and 
Bangtail wfl be warm wflh a 
few showers 


again 15*53 3/48 s 

Capa Town 26/7B 17/63 4 

Cwuptaica 10/88 8*43 s 

Haw. 24/75 6/43 s 

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an-snoH. >-r.e. W Waa/hef AS maps, foments and debt provided by Aeev-Mndtier, Inc. ->1994 


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In Brazil, Child’s Birthday Is Serious Entertainment 


By Elizabeth Heilman Brooke 

New York Times Service 

R IO DE JANEIRO — ” Parabens para 
voce " — “Happy birthday to you” to Por- 
tuguese idiom — are among the first words 
after mamae and papai that many children utter 
here. 

In Brazil, childrens birthday parties are big 
business and high art A family chorus around a 
homemade cake, a few pointy hats and silly 
plastic party favors no longer define party mag- 
ic; at one celebration, 1,500 balloons were just 
tbe beginning. 

Parents here think nothing of planning for 
months to advance and spending thousands of 
dollars on a 2-year-old’s special day. “A child 
has a way special place to Brazilian society ,” 
said Silvia Zoroig, a clinical psychologist in Rio 
de Janeiro. “Childhood is viewed as a very 
Important part of life here. Also, some parents 
are trying to compensate for what is lackmain a 
less stable family life. In terms of birthday 
parties, parents want all their dreams to come 
true." 

A child's birthday party in Brazil today 
must have a theme: Aladdin, Peter Pan. Walt 
Disney World, Cinderella, Snow White. 


But as they grow older — say, 7 to 10 — 
’They want a party to a nightclub,” said Maria 
Helena Machado, a party organizer considered 
by many to be responsible for the extravagance 
of Brazilian birthday parties. 

While practically everyone eqoys a party, 
“Latins are particularly festive,” Zonrig saio. 
And among Latin American birthday parties, 
Brazilian ferns infantis are in a league of then- 
own. fn Argentina, tea parties and afternoons., 
of soccer are typicaL A gathering of 30 to 40 
children for a marionette show, plates ot spa- 
ghetti and Cokes is common to Colombia. Af- 
fluent Venezuelans may celebrate at tbe exclu- 
sive Caracas Country Club with a band of jovial 
clowns. And smashing a day down pinata is 
customary to Ecuador and Mexico. 

But to Brazil, doting upon one's children on 
their birthdays has become a way of showing 
one's love, creativity, status and wealth. In Salva- 
dor, a city to BiaziTs impoverished northeast, an 
impresario celebrated bis grandson’s first birth- 
day ty enlisting the mayor to be the emcee under 
a circus tent, complete with caged wild animals 
In Rio, the president of a Chmival samba associ- 
ation closed one of the city’s nightclubs, trans- 
formed it into a farm, hired Brazil's most popular 


country-western singing pair, played facet to 700 
friends and neighbors and spent $85,000 to com- 
memorate ins 3-year-old son’i big day. 

Some parents save fix the party but not for 
tbe chihrs college education, Zoning said. u We 
don’t brow what is going to happen to the 
future, but we do know what is happening 
today.” A AO : percent monthly inflation rate 
encourages Brazilians to spend now. little re- 
lief is to sight. 

All theftos abtmt birthdays ntigbtseqninccm- 
gruous in a city that has made international 
headlines over the number ^df killings of street 
children: Most children are unusually stoned 
and Tawned over to Brazil but those of the street 
are ignored. “With all the problems we are living 
tinou^ a birthday party lsoitt of dw few things 
we can look forward to and be certain it will be a 
happy occasion,” said LeSo Marcos Labovkh, 
an owner of the Baity Factory, which organizes 
parties. “Even a wedding, you are not sure: 
maybe (he bride or thegroom won't show up." 

Hours of reveling can for tots of attention to 
detail. Lany Mufler charges as much as S30JXJ0 
to. plan a party, W dates his fanner annual 
salary as a preschool teach®. Extravaganzas 
should not come as a surprise in Brazfl. “After 
all,” Ldbovich said, “we nave CantivuL” 


Travel in a world without borders, time zones 

or language barriers. 


83 b 0 «r 

,■ Ait4wityBA/'3 iiUenm 


o aun&cnrti j Imagine a world where you can call country to country as easily as you can from home. And 
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COUNTRY ACCESS NUMBER 
ASIA/PAGOFIC 


Australia 

Oihu^RCm 

Guam 

Hong Kong 

todia» 

Iwkmesla* 

Jjpjn* 

Korea 

KOW844 

■Mabysfaf 

Ntyw ZeaianJ 

jmippfats* 

ftgSfa*tM08CCW) 

Saipan’ 1 

SinKapi’iv 

SriUnka ' 

Taiwan’ 

ThallamU 


ooi-irasi-oii 
— 10811 

018-872 

800-1111 

000-117 

0040110 

1 1 1 

009-11 

ID 

800-0011 

(KKt-on 

10S-11 

W») 15S-5P42 

23 S- 2 ST 2 

wii-um-m' 

430-130 

0080-10288-0 

UUlU-'Wl-llll 

EUROPE 

8*14111 

022-90^-011 

OTH-Il-imO 

fflMHWi-0010 

~~ 99-=HM»n 

~~ cwo-woib 

00-420-00101 
8001-0010 
9800-100-10 
~ 19*-0011 

0130-0010 

00800-1311 


Armenia^ 8al4lll Bahrain 

Austria*—* 022 - 903-011 Egypt* (Cairo) 

Belgium* " ors+Ti koio Israel 

KtilRarin OH-imi-POlO Kuwafc 7 

Cnotlar* 99-384M11 UhanonCB^g 

Ci-pm-f 080-900 111 Saudi Arabia 

Gerxh Rep 00^20410101 Turfcey* 

° enm3ffc * 8001-0010 AMP 

^ ^ofand* 9800-100-1 0 Argentina# ' 

f*? 11 ** 19 *-0011 ' Belize* ' 1 

0130-0010 Bciivia* 

P 1 ^ 00-800-1311 . iHterril 

•Ab fCilta* UMdi* ( »vl JI aibhu- 4130 « Mir WorfcJ CO«nwO - ^T\k\. 
j LT ‘ a ' L ' < -rt ■ « m lri( ■«.-* 1 « kiMnuKo. 

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ZVV^ Jh/irri,. 


COUNTRY ACC ESS NUMBER COUNT] 

Hungary OOa-SOOOUII ChOe 

kdamfa 9WX>1 Colons 

lretaod 1-800-550-000 gggfc 

172-1011 

lirchienstrin* 155 - 00-11 HSaivaik 

Lithuania* ^ 8U96 

Last'll ihtiti/g ' OWM-OHi ' tZym^ 

^ : - <»»«>o-na 

“52592! I9*wil : 

Nwfaerfandaf 06022-9111 . * ■ 

ftorwa y' 800-190 -11 

Pt ^ and ^*"’ 04/10-480-0111 p — ~ — r 

05017-1- 288 — 1 

“o®*®** (H-800-4288 

Stovakia ~ do42<M>ol5T 

Spam ' 900-99-00-11 y«tgEuefe 

8wcd ° 1 ' 020-795-611 - 

Switzerlan d* 155-0D-11 Ibhinw i 

^ 0500-89-0011 

MIDDLE EAST BdBdiVJ 

Bflbrato aoO-OOl Cayma n Ii 

^gype (Cairo) 53043200 . Grenada* 

farael 177-100-2727 ' Haltr 

Kuwait 800-288 Jamaica**- 

lAanonCBrfru t) 42 fr«l Nah.An 

Sa udi Arabia 1-80Q-10Q ’ ScKkis/N 

Tur'toy 004WO-12277 

- - ABnEfUCAS 


COUNTRY ACCESS NUMBER 

OMte 0O*-OJ12 

Colombia ~ ~ 980-11-0010 

OistaRfcrti • " n4 

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BtSahadora . .... ! 9 q 

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WaicoAAA ~ - 954004^240 

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Suriname ■ • j* 5 £.' . 

. 00-0410 . 

Veoeauefar* 8&01M20 

CARIBBEAN 

P* 1 ** 0 "* 1-60(^672-2881 

. ' .1-800-872-2881 

, 1-800^72-2881 

Cayman Islands 1-800-872-2881- ' 
. Grenada* 1400472-2fSti 

001-800^72.2883 
-Jamaica** 0800^72-2881. 

Nqto-Aatfl - 001*800-872-28 81 ' 

^Kkts^fevis 1-800-872-2881 . 

_ AFRICA - ; 

6 * b °° r • OOa^ QIi. ■ 

^ Unbir - • 00111, - 
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Uberia . ' 79IM mt 

■ • 101-lwa : 


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001-8QQ-200-im 

555 

0 - 800=1111 

000-8010 




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